Navitas Semiconductor (NASDAQ:NVTS) Price Target Lowered to $4.00 at Robert W. Baird

Navitas Semiconductor (NASDAQ:NVTS) had its price target dropped by equities researchers at Robert W. Baird from $5.00 to $4.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s target price indicates a potential upside of 63.93% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and issued a $5.00 price objective on shares of Navitas Semiconductor in a report on Thursday, February 20th. Craig Hallum lowered their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $4.00 target price on shares of Navitas Semiconductor in a report on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.11.

Navitas Semiconductor Stock Up 6.6 %

Shares of NASDAQ:NVTS opened at $2.44 on Wednesday. The business’s 50 day moving average is $3.21 and its 200 day moving average is $2.86. The stock has a market cap of $455.78 million, a P/E ratio of -5.81 and a beta of 2.20. Navitas Semiconductor has a 52-week low of $1.75 and a 52-week high of $5.71.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, CFO Todd Glickman sold 13,644 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were 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 in the company, valued at approximately $1,772,847.23. This represents a 1.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the completion of the transaction, the director now directly owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. This represents a 18.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 147,288 shares of company stock worth $575,476 over the last three months. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. lifted its position in Navitas Semiconductor by 87.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after acquiring an additional 3,748,124 shares during the period. ArrowMark Colorado Holdings LLC raised its stake in shares of Navitas Semiconductor by 31.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after purchasing an additional 845,664 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Navitas Semiconductor by 180.5% during the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock worth $4,407,000 after purchasing an additional 794,371 shares during the period. Mirabella Financial Services LLP purchased a new stake in Navitas Semiconductor in the third quarter valued at approximately $943,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Navitas Semiconductor in the 4th quarter worth approximately $1,170,000. 46.14% of the stock is owned by institutional investors and hedge funds.

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.