Navitas Semiconductor (NASDAQ:NVTS) Trading Up 21% – Here’s What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS) was up 21% during trading on Monday . The stock traded as high as $4.66 and last traded at $4.56. Approximately 14,164,061 shares traded hands during mid-day trading, an increase of 374% from the average daily volume of 2,988,846 shares. The stock had previously closed at $3.77.

Analysts Set New Price Targets

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

Navitas Semiconductor Price Performance

The company has a market cap of $762.13 million, a P/E ratio of -9.64 and a beta of 2.37. The stock has a 50-day moving average of $2.56 and a 200 day moving average of $3.16.

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

Insider Activity at Navitas Semiconductor

In related news, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the sale, the director now directly owns 356,709 shares of the company’s stock, valued at $1,441,104.36. This trade represents a 18.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 31.80% of the stock is currently owned by insiders.

Institutional Trading of Navitas Semiconductor

Large investors have recently bought and sold shares of the business. DRW Securities LLC acquired a new stake in shares of Navitas Semiconductor during the second quarter valued at about $46,000. Wedbush Securities Inc. acquired a new stake in shares of Navitas Semiconductor during the second quarter valued at about $49,000. Algert Global LLC acquired a new stake in shares of Navitas Semiconductor during the second quarter valued at about $50,000. Benjamin Edwards Inc. acquired a new stake in shares of Navitas Semiconductor during the third quarter valued at about $36,000. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Navitas Semiconductor during the third quarter valued at about $41,000. 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.