Navitas Semiconductor (NASDAQ:NVTS) Sees Strong Trading Volume – Here’s What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS) shares saw strong trading volume on Friday . 1,950,823 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 3,110,230 shares.The stock last traded at $3.58 and had previously closed at $3.60.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock 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 research report on Tuesday, November 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $7.50 price objective on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Finally, Robert W. Baird decreased their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.75.

Navitas Semiconductor Stock Down 4.4 %

The firm has a market capitalization of $642.58 million, a P/E ratio of -8.19 and a beta of 2.37. The business’s 50 day moving average is $2.63 and its two-hundred day moving average is $3.17.

Navitas Semiconductor (NASDAQ:NVTS) last released its 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 for the quarter, compared to analysts’ expectations of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. Navitas Semiconductor’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.10) EPS. As a group, equities analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 80,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the completion of the transaction, the director now directly owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. This trade represents a 18.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 31.80% of the stock is owned by corporate insiders.

Institutional Trading of Navitas Semiconductor

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rice Hall James & Associates LLC bought a new stake in Navitas Semiconductor in the second quarter worth about $2,151,000. Point72 Asset Management L.P. boosted its position in shares of Navitas Semiconductor by 2,656.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock valued at $16,834,000 after purchasing an additional 4,127,940 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Navitas Semiconductor in the 2nd quarter worth approximately $2,364,000. Mirabella Financial Services LLP bought a new stake in shares of Navitas Semiconductor in the 3rd quarter worth approximately $943,000. Finally, Masters Capital Management LLC lifted its stake in Navitas Semiconductor by 90.0% during the second 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. 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.