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

DnB Asset Management AS boosted its position in Navitas Semiconductor Co. (NASDAQ:NVTS) by 109.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 506,124 shares of the company’s stock after acquiring an additional 264,906 shares during the quarter. DnB Asset Management AS’s holdings in Navitas Semiconductor were worth $1,807,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Point72 Asset Management L.P. increased its holdings in shares of Navitas Semiconductor by 87.5% during the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock valued at $19,677,000 after acquiring an additional 3,748,124 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its stake in Navitas Semiconductor by 31.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock valued at $8,713,000 after purchasing an additional 845,664 shares in the last quarter. Edge Capital Group LLC acquired a new position in Navitas Semiconductor during the fourth quarter worth $987,000. State Street Corp lifted its stake in shares of Navitas Semiconductor by 4.0% in the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after buying an additional 221,575 shares in the last quarter. 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 owned by institutional investors and hedge funds.

Navitas Semiconductor Stock Down 2.4 %

NVTS stock opened at $2.00 on Wednesday. The firm has a market cap of $381.06 million, a PE ratio of -4.76 and a beta of 2.23. The business has a 50 day moving average of $2.70 and a 200-day moving average of $2.80. Navitas Semiconductor Co. has a 12-month low of $1.75 and a 12-month high of $5.14.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, CFO Todd Glickman sold 13,644 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian Long sold 47,189 shares of the firm’s stock in a transaction on 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 $74,245.60. This represents a 60.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,477 shares of company stock valued at $182,042. Insiders own 31.80% of the company’s stock.

Navitas Semiconductor 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.