Navitas Semiconductor Co. (NASDAQ:NVTS) Short Interest Down 15.7% in November

Navitas Semiconductor Co. (NASDAQ:NVTS) saw a significant decrease in short interest in November. As of November 30th, there was short interest totalling 23,480,000 shares, a decrease of 15.7% from the November 15th total of 27,840,000 shares. Based on an average trading volume of 3,980,000 shares, the days-to-cover ratio is presently 5.9 days. Approximately 20.8% of the company’s shares are short sold.

Insiders Place Their Bets

In other news, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $4.54, for a total transaction of $181,600.00. Following the completion of the sale, the director now owns 316,709 shares of the company’s stock, valued at $1,437,858.86. This represents a 11.21 % 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. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DRW Securities LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth about $46,000. Wedbush Securities Inc. bought a new stake in shares of Navitas Semiconductor during the second quarter worth approximately $49,000. Algert Global LLC acquired a new position in shares of Navitas Semiconductor in the second quarter valued at approximately $50,000. Benjamin Edwards Inc. bought a new position in shares of Navitas Semiconductor during the third quarter worth approximately $36,000. Finally, Bleakley Financial Group LLC acquired a new stake in Navitas Semiconductor during the 3rd quarter worth approximately $41,000. 46.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Navitas Semiconductor Trading Down 5.8 %

Shares of NVTS opened at $3.24 on Tuesday. The company’s fifty day simple moving average is $2.63 and its 200 day simple moving average is $3.17. Navitas Semiconductor has a 1-year low of $1.75 and a 1-year high of $8.44. The company has a market cap of $605.22 million, a price-to-earnings ratio of -7.71 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). The company had revenue of $21.68 million for 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%. Navitas Semiconductor’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.10) EPS. As a group, research analysts forecast that Navitas Semiconductor will post -0.51 earnings per share for the current year.

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.