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

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) gapped up prior to trading on Tuesday . The stock had previously closed at $2.96, but opened at $3.12. Navitas Semiconductor shares last traded at $3.13, with a volume of 1,105,396 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NVTS shares. Rosenblatt Securities restated a “buy” rating and issued a $7.50 price target on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft cut their price target on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Craig Hallum cut their price target 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, Robert W. Baird cut their price target on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.75.

Navitas Semiconductor Stock Up 2.7 %

The business has a 50-day moving average price of $3.07 and a 200-day moving average price of $3.07. The firm has a market capitalization of $567.86 million, a PE ratio of -7.24 and a beta of 2.23.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly 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). The business had revenue of $21.68 million during the quarter, compared to analyst estimates 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 was down 1.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) earnings per share. On average, equities research analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Activity

In related news, Director Richard J. Hendrix sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the transaction, the director now directly owns 316,709 shares in the company, valued at approximately $1,437,858.86. This represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 31.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NVTS. Ensign Peak Advisors Inc lifted its stake in Navitas Semiconductor by 5.2% during the second quarter. Ensign Peak Advisors Inc now owns 77,245 shares of the company’s stock worth $304,000 after purchasing an additional 3,800 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Navitas Semiconductor by 5.4% in the second quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock valued at $306,000 after buying an additional 4,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Navitas Semiconductor by 48.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 24,826 shares of the company’s stock valued at $98,000 after buying an additional 8,156 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Navitas Semiconductor by 16.2% in the second quarter. The Manufacturers Life Insurance Company now owns 71,998 shares of the company’s stock valued at $283,000 after buying an additional 10,024 shares during the last quarter. Finally, DRW Securities LLC purchased a new position in Navitas Semiconductor in the second quarter valued at $46,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

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.