Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 9.2%

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) shot up 9.2% during mid-day trading on Wednesday . The company traded as high as $4.17 and last traded at $4.14. 767,909 shares changed hands during trading, a decline of 73% from the average session volume of 2,891,320 shares. The stock had previously closed at $3.79.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NVTS. Northland Securities began coverage on Navitas Semiconductor in a research report on Tuesday, January 16th. They set a “market perform” rating on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $12.00 price target on shares of Navitas Semiconductor in a report on Friday, March 1st. Finally, Needham & Company LLC reduced their price target on Navitas Semiconductor from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.82.

Navitas Semiconductor Stock Performance

The firm has a fifty day simple moving average of $4.98 and a 200 day simple moving average of $6.06. The company has a market capitalization of $734.93 million, a PE ratio of -4.69 and a beta of 2.54.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $26.06 million for the quarter, compared to the consensus estimate of $25.68 million. Navitas Semiconductor had a negative return on equity of 18.81% and a negative net margin of 183.04%. Research analysts expect that Navitas Semiconductor Co. will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Navitas Semiconductor news, EVP Ranbir Singh sold 10,925 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $52,440.00. Following the sale, the executive vice president now owns 29,357 shares of the company’s stock, valued at approximately $140,913.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Navitas Semiconductor news, CEO Eugene Sheridan sold 38,431 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $184,468.80. Following the sale, the chief executive officer now owns 3,061,631 shares of the company’s stock, valued at approximately $14,695,828.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ranbir Singh sold 10,925 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $52,440.00. Following the sale, the executive vice president now directly owns 29,357 shares in the company, valued at approximately $140,913.60. The disclosure for this sale can be found here. Insiders have sold 73,429 shares of company stock worth $352,459 in the last ninety days. 36.80% of the stock is owned by company insiders.

Institutional Trading of Navitas Semiconductor

Institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its position in shares of Navitas Semiconductor by 241.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company’s stock worth $57,000 after purchasing an additional 4,982 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Navitas Semiconductor by 52.3% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 11,210 shares of the company’s stock worth $76,000 after purchasing an additional 3,850 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new stake in shares of Navitas Semiconductor in the 4th quarter worth $81,000. Mackenzie Financial Corp acquired a new stake in shares of Navitas Semiconductor in the 3rd quarter worth $87,000. Finally, Alpine Global Management LLC acquired a new stake in shares of Navitas Semiconductor in the 3rd quarter worth $119,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

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.