DnB Asset Management AS Buys 264,906 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS)

DnB Asset Management AS lifted its stake in shares of Navitas Semiconductor Co. (NASDAQ:NVTS) by 109.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 506,124 shares of the company’s stock after purchasing an additional 264,906 shares during the quarter. DnB Asset Management AS owned 0.27% of Navitas Semiconductor worth $1,807,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Goodman Financial Corp bought a new stake in shares of Navitas Semiconductor during the fourth quarter worth $36,000. Cibc World Markets Corp bought a new stake in Navitas Semiconductor during the 4th quarter worth $42,000. Raymond James Financial Inc. bought a new stake in Navitas Semiconductor during the 4th quarter worth $44,000. Signature Wealth Management Partners LLC acquired a new position in Navitas Semiconductor in the 4th quarter worth about $51,000. Finally, Benjamin Edwards Inc. bought a new position in Navitas Semiconductor in the third quarter valued at about $36,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NVTS shares. Needham & Company LLC restated a “buy” rating and set a $4.00 price target on shares of Navitas Semiconductor in a report on Tuesday, February 25th. Rosenblatt Securities reissued a “buy” rating and set a $5.00 target price on shares of Navitas Semiconductor in a report on Thursday, March 13th. Finally, Robert W. Baird dropped their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.11.

Navitas Semiconductor Stock Performance

NASDAQ:NVTS opened at $2.00 on Wednesday. Navitas Semiconductor Co. has a 52 week low of $1.75 and a 52 week high of $5.14. The firm’s fifty day moving average is $2.70 and its 200-day moving average is $2.80. The firm has a market cap of $381.06 million, a P/E ratio of -4.76 and a beta of 2.23.

Insider Activity at Navitas Semiconductor

In related news, Director Brian Long sold 47,189 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $2.36, for a total transaction of $111,366.04. Following the completion of the sale, the director now owns 31,460 shares of the company’s stock, valued at $74,245.60. This trade represents a 60.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Todd Glickman sold 13,644 shares of the business’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 value of $35,337.96. Following the completion of the transaction, the chief financial officer now directly owns 684,497 shares in the company, valued at approximately $1,772,847.23. This trade represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,477 shares of company stock worth $182,042 over the last quarter. Company insiders own 31.80% of the company’s stock.

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.