Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up to $3.96

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price gapped up before the market opened on Friday . The stock had previously closed at $3.96, but opened at $4.07. Navitas Semiconductor shares last traded at $4.02, with a volume of 154,303 shares trading hands.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Needham & Company LLC cut their price target on shares of Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Navitas Semiconductor in a report on Friday, June 7th. Robert W. Baird dropped their price objective on shares of Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $4.00 price objective (down from $10.00) on shares of Navitas Semiconductor in a report on Monday, May 13th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.41.

Navitas Semiconductor Price Performance

The stock’s fifty day moving average is $4.16 and its 200-day moving average is $5.33. The stock has a market capitalization of $719.58 million, a PE ratio of -7.71 and a beta of 2.44.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). The company had revenue of $23.18 million for the quarter, compared to analysts’ expectations of $23.15 million. Navitas Semiconductor had a negative net margin of 97.75% and a negative return on equity of 21.22%. On average, analysts forecast that Navitas Semiconductor Co. will post -0.53 EPS for the current year.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, Director Dipender Saluja sold 87,059 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $4.45, for a total transaction of $387,412.55. Following the transaction, the director now directly owns 5,944,420 shares of the company’s stock, valued at $26,452,669. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVTS. Boston Partners acquired a new stake in shares of Navitas Semiconductor in the first quarter valued at about $393,000. Kodai Capital Management LP raised its position in shares of Navitas Semiconductor by 14.3% in the first quarter. Kodai Capital Management LP now owns 4,514,576 shares of the company’s stock valued at $21,535,000 after buying an additional 565,463 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Navitas Semiconductor in the first quarter valued at about $284,000. Price T Rowe Associates Inc. MD raised its position in shares of Navitas Semiconductor by 16.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,646 shares of the company’s stock valued at $151,000 after buying an additional 4,533 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Navitas Semiconductor by 14.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 189,865 shares of the company’s stock valued at $906,000 after buying an additional 24,315 shares during the last quarter. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.