Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 5.5%

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s stock price fell 5.5% on Thursday . The company traded as low as $4.81 and last traded at $4.85. 719,593 shares traded hands during trading, a decline of 74% from the average session volume of 2,770,449 shares. The stock had previously closed at $5.13.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NVTS. Needham & Company LLC reduced their price target on Navitas Semiconductor from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Friday, March 1st. Rosenblatt Securities reaffirmed a "buy" rating and set a $12.00 price target on shares of Navitas Semiconductor in a research report on Friday, March 1st. Finally, Northland Securities began coverage on Navitas Semiconductor in a research report on Tuesday, January 16th. They set a "market perform" rating for the company. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Navitas Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.82.

Navitas Semiconductor Stock Performance

The company has a market cap of $837.11 million, a price-to-earnings ratio of -5.33 and a beta of 2.60. The firm has a fifty day moving average price of $6.07 and a 200 day moving average price of $6.71.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, CFO Ron Shelton sold 10,000 shares of Navitas Semiconductor stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $8.11, for a total value of $81,100.00. Following the transaction, the chief financial officer now owns 306,668 shares in the company, valued at $2,487,077.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 36.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NVTS. BlackRock Inc. grew its position in Navitas Semiconductor by 374.4% in the second quarter. BlackRock Inc. now owns 6,993,014 shares of the company's stock valued at $73,706,000 after acquiring an additional 5,518,894 shares during the last quarter. State Street Corp boosted its stake in shares of Navitas Semiconductor by 1,768.8% during the first quarter. State Street Corp now owns 4,341,127 shares of the company's stock valued at $44,627,000 after purchasing an additional 4,108,827 shares in the last quarter. Kodai Capital Management LP acquired a new stake in shares of Navitas Semiconductor during the fourth quarter valued at about $31,869,000. Intrinsic Edge Capital Management LLC boosted its stake in shares of Navitas Semiconductor by 91.6% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,717,692 shares of the company's stock valued at $21,932,000 after purchasing an additional 1,299,524 shares in the last quarter. Finally, Penn Capital Management Company LLC acquired a new stake in shares of Navitas Semiconductor during the first quarter valued at about $7,796,000. Institutional investors own 37.45% 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.