Navitas Semiconductor (NASDAQ:NVTS) Shares Up 8.1% – Here’s Why

Navitas Semiconductor Co. (NASDAQ:NVTS) traded up 8.1% during mid-day trading on Tuesday . The stock traded as high as $3.58 and last traded at $3.53. 1,781,978 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 4,922,548 shares. The stock had previously closed at $3.26.

Analysts Set New Price Targets

NVTS has been the subject of a number of research reports. Rosenblatt Securities reissued a “buy” rating and set a $7.50 target price on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Robert W. Baird lowered 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. Craig Hallum reduced their price objective on 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, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Two 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 a consensus rating of “Moderate Buy” and a consensus price target of $4.75.

Navitas Semiconductor Price Performance

The company’s 50 day simple moving average is $3.24 and its two-hundred day simple moving average is $3.04. The company has a market cap of $625.77 million, a PE ratio of -7.98 and a beta of 2.23.

Navitas Semiconductor (NASDAQ:NVTS) last announced 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). 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 analyst estimates of $21.93 million. During the same quarter in the previous year, the company earned ($0.10) earnings per share. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. Sell-side analysts expect that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the sale, the director now owns 316,709 shares of the company’s stock, valued at $1,437,858.86. This trade represents a 11.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 31.80% of the company’s stock.

Institutional Trading of Navitas Semiconductor

A number of large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. grew its holdings in Navitas Semiconductor by 87.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after acquiring an additional 3,748,124 shares in the last quarter. State Street Corp grew its stake in shares of 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 purchasing an additional 221,575 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in Navitas Semiconductor by 31.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock valued at $8,713,000 after buying an additional 845,664 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Navitas Semiconductor in the second quarter valued at $2,364,000. Finally, Mirabella Financial Services LLP purchased a new stake in Navitas Semiconductor during the 3rd quarter worth about $943,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.