Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – Here’s What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS) gapped up before the market opened on Monday . The stock had previously closed at $2.42, but opened at $2.61. Navitas Semiconductor shares last traded at $2.72, with a volume of 766,198 shares.

Wall Street Analyst Weigh In

Several research firms have commented on NVTS. Rosenblatt Securities reiterated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Needham & Company LLC lowered their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Craig Hallum lowered their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Finally, Morgan Stanley lowered 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 research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.75.

Navitas Semiconductor Stock Performance

The firm’s 50-day moving average is $2.35 and its 200 day moving average is $3.22. The stock has a market cap of $511.83 million, a PE ratio of -6.48 and a beta of 2.36.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The firm had revenue of $21.68 million during the quarter, compared to the consensus estimate of $21.93 million. During the same quarter in the prior year, the firm earned ($0.10) EPS. Navitas Semiconductor’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, sell-side analysts predict that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, CEO Eugene Sheridan sold 453,190 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $3.03, for a total transaction of $1,373,165.70. Following the completion of the transaction, the chief executive officer now owns 2,608,441 shares in the company, valued at approximately $7,903,576.23. This represents a 14.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel M. Kinzer sold 150,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $3.10, for a total transaction of $465,000.00. Following the transaction, the chief operating officer now owns 4,388,353 shares of the company’s stock, valued at approximately $13,603,894.30. The trade was a 3.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 796,852 shares of company stock worth $2,424,962 in the last 90 days. 31.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Large investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of Navitas Semiconductor during the 1st quarter worth $65,000. Russell Investments Group Ltd. grew its stake in shares of Navitas Semiconductor by 13.1% during the 1st quarter. Russell Investments Group Ltd. now owns 73,893 shares of the company’s stock worth $352,000 after purchasing an additional 8,565 shares during the period. ProShare Advisors LLC grew its stake in shares of Navitas Semiconductor by 12.5% during the 1st quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock worth $97,000 after purchasing an additional 2,258 shares during the period. Vanguard Group Inc. grew its stake in shares of Navitas Semiconductor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 9,009,587 shares of the company’s stock worth $42,976,000 after purchasing an additional 232,496 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Navitas Semiconductor by 16.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,646 shares of the company’s stock worth $151,000 after purchasing an additional 4,533 shares during the period. Hedge funds and other institutional investors own 46.14% of the company’s stock.

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.