Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 7.2% – Here’s What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS) shares were up 7.2% on Friday . The company traded as high as $3.77 and last traded at $3.74. Approximately 674,827 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 2,702,136 shares. The stock had previously closed at $3.49.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on NVTS shares. Rosenblatt Securities reissued a “buy” rating and set a $7.50 price objective on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lowered their target price on 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 cut their price target on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Robert W. Baird decreased their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $4.75.

Navitas Semiconductor Price Performance

The firm has a 50-day moving average of $2.96 and a 200 day moving average of $3.10. The stock has a market capitalization of $745.32 million, a price-to-earnings ratio of -9.50 and a beta of 2.37.

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

Insider Activity

In other news, Director Richard J. Hendrix sold 40,000 shares of the firm’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 completion of the sale, the director now directly owns 316,709 shares of the company’s stock, valued at $1,437,858.86. This trade represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 31.80% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

Large investors have recently added to or reduced their stakes in the business. DRW Securities LLC acquired a new position in shares of Navitas Semiconductor in the second quarter valued at $46,000. Wedbush Securities Inc. acquired a new position in Navitas Semiconductor in the 2nd quarter valued at about $49,000. Algert Global LLC bought a new position in Navitas Semiconductor in the 2nd quarter valued at about $50,000. Benjamin Edwards Inc. bought a new stake in shares of Navitas Semiconductor during the third quarter worth approximately $36,000. Finally, Bleakley Financial Group LLC acquired a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $41,000. 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.