Shares of Navitas Semiconductor Co. (NASDAQ:NVTS – Get Rating) dropped 9% during mid-day trading on Wednesday after Rosenblatt Securities lowered their price target on the stock from $15.00 to $12.00. Rosenblatt Securities currently has a buy rating on the stock. Navitas Semiconductor traded as low as $6.90 and last traded at $7.06. Approximately 15,977 shares traded hands during trading, a decline of 98% from the average daily volume of 993,072 shares. The stock had previously closed at $7.76.
NVTS has been the topic of several other research reports. Bank of America cut their price objective on Navitas Semiconductor from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 29th. Craig Hallum reduced their price target on shares of Navitas Semiconductor from $20.00 to $10.00 in a research report on Friday, May 13th. Needham & Company LLC boosted their price objective on shares of Navitas Semiconductor from $6.00 to $8.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Navitas Semiconductor from $9.00 to $7.00 in a report on Wednesday, July 20th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.57.
Institutional Investors Weigh In On Navitas Semiconductor
A number of institutional investors have recently added to or reduced their stakes in NVTS. Capricorn Investment Group LLC acquired a new position in Navitas Semiconductor during the second quarter worth about $84,039,000. State Street Corp grew its position in Navitas Semiconductor by 1,768.8% in the first quarter. State Street Corp now owns 4,341,127 shares of the company’s stock worth $44,627,000 after buying an additional 4,108,827 shares during the last quarter. Summit Partners Public Asset Management LLC acquired a new stake in shares of Navitas Semiconductor during the 4th quarter valued at $23,813,000. Invesco Ltd. bought a new stake in shares of Navitas Semiconductor during the 4th quarter worth $23,502,000. Finally, First Trust Advisors LP purchased a new stake in shares of Navitas Semiconductor during the first quarter valued at $8,462,000. 23.37% of the stock is currently owned by institutional investors and hedge funds.
Navitas Semiconductor Price Performance
The stock has a 50-day moving average of $4.86 and a two-hundred day moving average of $7.26. The firm has a market cap of $888.09 million, a price-to-earnings ratio of -7.53 and a beta of 3.04. The company has a current ratio of 21.70, a quick ratio of 20.68 and a debt-to-equity ratio of 0.01.
Navitas Semiconductor Company Profile
Navitas Semiconductor Corporation designs, develops, and sells gallium nitride (GaN) power integrated circuits in China, the United States, Taiwan, Korea, and internationally. The company was incorporated in 2013 and is based in Dublin, Ireland.