Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 4.4% – Here’s Why

Navitas Semiconductor Corporation (NASDAQ:NVTS) shot up 4.4% during trading on Wednesday . The company traded as high as $8.76 and last traded at $8.69. 13,300,573 shares were traded during trading, a decline of 50% from the average session volume of 26,442,777 shares. The stock had previously closed at $8.32.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Jefferies Financial Group raised Navitas Semiconductor to a “hold” rating in a research note on Tuesday, October 28th. CJS Securities downgraded shares of Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a research report on Monday, August 18th. Rosenblatt Securities reiterated a “neutral” rating and issued a $8.00 price objective on shares of Navitas Semiconductor in a research note on Monday, November 10th. Needham & Company LLC lifted their target price on shares of Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.48.

Navitas Semiconductor Stock Up 0.3%

The stock has a market cap of $2.19 billion, a P/E ratio of -14.81 and a beta of 3.14. The firm’s 50-day moving average is $10.05 and its two-hundred day moving average is $7.74.

Navitas Semiconductor (NASDAQ:NVTS) last posted its earnings results on Monday, November 3rd. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $10.11 million during the quarter, compared to the consensus estimate of $10.00 million. Navitas Semiconductor had a negative net margin of 220.85% and a negative return on equity of 14.86%. The company’s revenue for the quarter was down 53.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. Analysts anticipate that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In related news, Director Brian Long sold 1,493,046 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $8.54, for a total value of $12,750,612.84. Following the transaction, the director directly owned 222,349 shares of the company’s stock, valued at approximately $1,898,860.46. This trade represents a 87.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Todd Glickman sold 96,313 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $10.56, for a total value of $1,017,065.28. Following the completion of the sale, the chief financial officer owned 891,268 shares of the company’s stock, valued at approximately $9,411,790.08. This trade represents a 9.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,005,349 shares of company stock worth $28,640,637 over the last three months. Company insiders own 29.90% of the company’s stock.

Institutional Trading of Navitas Semiconductor

A number of institutional investors and hedge funds have recently modified their holdings of NVTS. Kingsview Wealth Management LLC acquired a new position in shares of Navitas Semiconductor during the second quarter valued at about $385,000. Cornerstone Investment Partners LLC bought a new position in Navitas Semiconductor during the second quarter valued at about $461,000. Geode Capital Management LLC increased its stake in Navitas Semiconductor by 3.9% during the second quarter. Geode Capital Management LLC now owns 3,340,193 shares of the company’s stock valued at $21,882,000 after acquiring an additional 124,594 shares during the period. Hsbc Holdings PLC raised its holdings in Navitas Semiconductor by 980.4% in the 1st quarter. Hsbc Holdings PLC now owns 158,566 shares of the company’s stock valued at $323,000 after acquiring an additional 143,890 shares in the last quarter. Finally, SCS Capital Management LLC bought a new stake in shares of Navitas Semiconductor in the 1st quarter worth approximately $567,000. 46.14% of the stock is currently 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.