Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – What’s Next?

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $3.14, but opened at $3.40. Navitas Semiconductor shares last traded at $3.53, with a volume of 3,576,925 shares.

Analyst Ratings Changes

NVTS has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft reduced their target price 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 decreased their target price on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Morgan Stanley cut 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. Rosenblatt Securities restated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Finally, Needham & Company LLC lowered their price objective on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Navitas Semiconductor has a consensus rating of “Moderate Buy” and an average price target of $4.75.

Navitas Semiconductor Trading Up 5.7 %

The stock’s fifty day simple moving average is $2.41 and its 200 day simple moving average is $3.16. The company has a market cap of $620.18 million, a price-to-earnings ratio of -8.12 and a beta of 2.37.

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

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Navitas Semiconductor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 9,009,587 shares of the company’s stock valued at $42,976,000 after acquiring an additional 232,496 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Navitas Semiconductor by 87.5% during the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after buying an additional 3,748,124 shares during the period. State Street Corp raised its holdings in Navitas Semiconductor by 4.0% in the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after acquiring an additional 221,575 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in Navitas Semiconductor by 31.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after acquiring an additional 845,664 shares in the last quarter. Finally, Masters Capital Management LLC increased its position in shares of Navitas Semiconductor by 90.0% in the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock valued at $7,467,000 after purchasing an additional 900,000 shares during the last quarter. 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.