Navitas Semiconductor (NASDAQ:NVTS) Trading Up 7.2% – Here’s Why

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) shot up 7.2% during trading on Friday . The company traded as high as $3.77 and last traded at $3.74. 674,827 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 2,702,136 shares. The stock had previously closed at $3.49.

Analyst Ratings Changes

Several research analysts have weighed in on NVTS shares. Craig Hallum lowered their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft dropped their price objective on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Robert W. Baird cut their price target on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities restated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Stock Up 12.3 %

The firm has a 50 day moving average price of $2.94 and a 200 day moving average price of $3.11. The stock has a market cap of $732.24 million, a PE ratio of -9.33 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The business had revenue of $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.10) earnings per share. Equities analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Richard J. Hendrix sold 80,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.04, for a total value of $323,200.00. Following the completion of the sale, the director now directly owns 356,709 shares of the company’s stock, valued at $1,441,104.36. The trade was a 18.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 31.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. M&T Bank Corp lifted its stake in shares of Navitas Semiconductor by 29.6% in the 3rd quarter. M&T Bank Corp now owns 159,804 shares of the company’s stock valued at $392,000 after purchasing an additional 36,504 shares in the last quarter. State Street Corp boosted its holdings in Navitas Semiconductor by 4.0% during the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock worth $14,275,000 after buying an additional 221,575 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Navitas Semiconductor during the third quarter valued at $172,000. Point72 Asset Management L.P. increased its position in Navitas Semiconductor by 87.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after purchasing an additional 3,748,124 shares during the last quarter. Finally, Centiva Capital LP bought a new position in shares of Navitas Semiconductor in the 3rd quarter valued at approximately $195,000. 46.14% of the stock is owned by institutional investors and hedge funds.

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.