Vanguard Group Inc. Purchases 166,115 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS)

Vanguard Group Inc. lifted its stake in shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Free Report) by 1.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,873,888 shares of the company's stock after purchasing an additional 166,115 shares during the quarter. Vanguard Group Inc. owned about 5.29% of Navitas Semiconductor worth $35,250,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in NVTS. KLP Kapitalforvaltning AS bought a new position in Navitas Semiconductor in the fourth quarter worth approximately $68,000. AXQ Capital LP bought a new position in shares of Navitas Semiconductor in the 4th quarter worth $56,000. American Century Companies Inc. increased its stake in Navitas Semiconductor by 52.7% during the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock valued at $56,000 after purchasing an additional 5,419 shares in the last quarter. Goodman Financial Corp acquired a new position in Navitas Semiconductor during the fourth quarter worth $36,000. Finally, Corbin Capital Partners L.P. bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at $773,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Todd Glickman sold 13,644 shares of the company's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total transaction of $35,337.96. Following the transaction, the chief financial officer now owns 684,497 shares of the company's stock, valued at $1,772,847.23. This represents a 1.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian Long sold 47,189 shares of Navitas Semiconductor stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the sale, the director now directly owns 31,460 shares of the company's stock, valued at approximately $74,245.60. This trade represents a 60.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,477 shares of company stock valued at $182,042. Company insiders own 31.80% of the company's stock.

Analyst Ratings Changes

NVTS has been the subject of several recent research reports. Needham & Company LLC reissued a "buy" rating and set a $4.00 target price on shares of Navitas Semiconductor in a research report on Tuesday, February 25th. Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their target price for the company from $2.10 to $1.50 in a report on Monday, April 7th. Robert W. Baird decreased their price target on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Finally, Rosenblatt Securities restated a "buy" rating and set a $5.00 price objective on shares of Navitas Semiconductor in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $3.82.

Navitas Semiconductor Price Performance

Shares of Navitas Semiconductor stock traded up $0.09 during trading hours on Friday, hitting $1.82. 1,933,083 shares of the company's stock traded hands, compared to its average volume of 3,761,972. The stock has a market capitalization of $346.76 million, a price-to-earnings ratio of -4.33 and a beta of 2.24. The company has a fifty day simple moving average of $2.31 and a 200-day simple moving average of $2.73. Navitas Semiconductor Co. has a 12-month low of $1.52 and a 12-month high of $5.14.

Navitas Semiconductor Company Profile

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.