Navitas Semiconductor (NASDAQ:NVTS) Trading 13.8% Higher – What’s Next?

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) traded up 13.8% during mid-day trading on Friday . The stock traded as high as $2.89 and last traded at $2.80. 3,588,641 shares changed hands during mid-day trading, an increase of 30% from the average session volume of 2,755,140 shares. The stock had previously closed at $2.46.

Wall Street Analyst Weigh In

Several brokerages recently commented on NVTS. Craig Hallum dropped their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Robert W. Baird cut their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Needham & Company LLC lowered their target price on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $7.50 price target on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Finally, Morgan Stanley reduced their price target on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Navitas Semiconductor has an average rating of “Moderate Buy” and a consensus price target of $4.75.

Navitas Semiconductor Price Performance

The firm has a market cap of $513.70 million, a P/E ratio of -6.55 and a beta of 2.36. The stock’s 50-day moving average price is $2.37 and its 200 day moving average price is $3.18.

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

Institutional Investors Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Benjamin Edwards Inc. bought a new position in Navitas Semiconductor in the 3rd quarter valued at approximately $36,000. Bleakley Financial Group LLC acquired a new stake in shares of Navitas Semiconductor during the 3rd quarter valued at $41,000. GSA Capital Partners LLP bought a new stake in Navitas Semiconductor during the 3rd quarter worth $44,000. DRW Securities LLC acquired a new position in Navitas Semiconductor in the 2nd quarter worth about $46,000. Finally, Wedbush Securities Inc. bought a new position in Navitas Semiconductor in the second quarter valued at about $49,000. 46.14% of the stock is owned by institutional investors.

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.