Needham & Company LLC Reiterates "Buy" Rating for Navitas Semiconductor (NASDAQ:NVTS)

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $4.00 price objective on the stock. Needham & Company LLC's target price points to a potential upside of 63.93% from the stock's previous close.

A number of other research firms have also recently issued reports on NVTS. Deutsche Bank Aktiengesellschaft cut their price target on Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating for the company in a report on Tuesday, November 5th. Robert W. Baird reduced their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 5th. Craig Hallum decreased their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $5.00 price objective on shares of Navitas Semiconductor in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $4.25.

Navitas Semiconductor Price Performance

Shares of NVTS traded up $0.06 on Tuesday, hitting $2.44. The company's stock had a trading volume of 4,063,078 shares, compared to its average volume of 4,325,678. The company has a 50 day moving average price of $3.28 and a 200 day moving average price of $2.88. Navitas Semiconductor has a fifty-two week low of $1.75 and a fifty-two week high of $7.40. The company has a market capitalization of $455.78 million, a PE ratio of -5.81 and a beta of 2.20.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the transaction, the director now owns 316,709 shares of the company's stock, valued at approximately $1,437,858.86. This represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 31.80% of the stock is currently owned by company insiders.

Institutional Trading of Navitas Semiconductor

A number of institutional investors and hedge funds have recently modified their holdings of NVTS. American Century Companies Inc. raised its holdings in Navitas Semiconductor by 52.7% during the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock worth $56,000 after buying an additional 5,419 shares during the period. Tower Research Capital LLC TRC lifted its stake in Navitas Semiconductor by 125.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock valued at $37,000 after acquiring an additional 5,726 shares during the last quarter. Goodman Financial Corp bought a new position in shares of Navitas Semiconductor in the 4th quarter valued at about $36,000. Caption Management LLC acquired a new position in shares of Navitas Semiconductor during the 4th quarter worth about $36,000. Finally, Steel Grove Capital Advisors LLC bought a new stake in shares of Navitas Semiconductor in the 4th quarter valued at about $39,000. 46.14% of the stock is owned by institutional investors.

About Navitas Semiconductor

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company's products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.