Short Interest in Navitas Semiconductor Co. (NASDAQ:NVTS) Declines By 14.5%

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) was the recipient of a significant drop in short interest in April. As of April 15th, there was short interest totalling 24,380,000 shares, a drop of 14.5% from the March 31st total of 28,530,000 shares. Currently, 20.9% of the company's stock are sold short. Based on an average daily trading volume, of 4,100,000 shares, the short-interest ratio is presently 5.9 days.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, CFO Todd Glickman sold 13,644 shares of the firm'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 directly owns 684,497 shares in the company, valued at approximately $1,772,847.23. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Long sold 47,189 shares of the company's stock in a transaction 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 approximately $74,245.60. The trade was a 60.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,477 shares of company stock valued at $182,042. Corporate insiders own 31.80% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Navitas Semiconductor by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 9,873,888 shares of the company's stock valued at $35,250,000 after purchasing an additional 166,115 shares during the period. Geode Capital Management LLC lifted its position in shares of Navitas Semiconductor by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company's stock worth $11,005,000 after acquiring an additional 113,277 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock worth $4,407,000 after acquiring an additional 794,371 shares during the period. Northern Trust Corp grew its position in shares of Navitas Semiconductor by 9.5% in the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock valued at $4,319,000 after purchasing an additional 104,906 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Navitas Semiconductor by 7.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company's stock valued at $3,737,000 after purchasing an additional 76,870 shares during the period. 46.14% of the stock is owned by hedge funds and other institutional investors.

Navitas Semiconductor Price Performance

Shares of NVTS opened at $2.05 on Friday. The stock's fifty day moving average price is $2.09 and its two-hundred day moving average price is $2.69. Navitas Semiconductor has a 1 year low of $1.52 and a 1 year high of $5.14. The firm has a market cap of $390.59 million, a PE ratio of -4.88 and a beta of 2.24.

Wall Street Analyst Weigh In

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.