Navitas Semiconductor (NASDAQ:NVTS) Shares Up 7.8% – Here’s What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS) shares shot up 7.8% during trading on Friday . The stock traded as high as $11.06 and last traded at $10.7750. 11,522,277 shares changed hands during trading, a decline of 65% from the average session volume of 32,726,787 shares. The stock had previously closed at $10.00.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NVTS. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Wednesday, October 8th. Rosenblatt Securities reiterated a “neutral” rating and issued a $8.00 price objective on shares of Navitas Semiconductor in a research report on Monday, November 10th. Needham & Company LLC raised their target price on Navitas Semiconductor from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Finally, Jefferies Financial Group raised Navitas Semiconductor to a “hold” rating in a research report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.48.

Navitas Semiconductor Price Performance

The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -17.28 and a beta of 3.16. The business’s 50-day simple moving average is $8.49 and its two-hundred day simple moving average is $8.22.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Monday, November 3rd. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $10.11 million during the quarter, compared to analysts’ expectations of $10.00 million. Navitas Semiconductor had a negative net margin of 220.85% and a negative return on equity of 14.86%. The business’s quarterly revenue was down 53.4% on a year-over-year basis. During the same period last year, the company posted ($0.10) earnings per share. Equities research analysts forecast that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Insider Buying and Selling at Navitas Semiconductor

In related news, Director Gary Kent Wunderlich, Jr. sold 49,651 shares of Navitas Semiconductor stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $9.31, for a total value of $462,250.81. Following the transaction, the director directly owned 86,964 shares of the company’s stock, valued at $809,634.84. The trade was a 36.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Long sold 48,165 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $8.50, for a total transaction of $409,402.50. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 3,426,898 shares of company stock worth $29,360,063. Company insiders own 29.90% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

A number of institutional investors have recently made changes to their positions in NVTS. Beacon Financial Group bought a new position in Navitas Semiconductor during the 2nd quarter valued at about $86,000. Procyon Advisors LLC bought a new position in Navitas Semiconductor in the 2nd quarter worth $147,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Navitas Semiconductor in the 2nd quarter worth $70,000. Mandatum Life Insurance Co Ltd purchased a new position in shares of Navitas Semiconductor in the second quarter valued at about $79,000. Finally, Wealth Management Partners LLC bought a new position in shares of Navitas Semiconductor during the 2nd quarter valued at about $135,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

About Navitas Semiconductor

Navitas Semiconductor is a fabless semiconductor company specialized in gallium nitride (GaN) power integrated circuits. The company’s core mission centers on delivering high-efficiency, high-power-density power solutions that address the needs of modern electronic devices, ranging from fast chargers for consumer electronics to industrial and automotive power systems.

Navitas offers a portfolio of GaNFast power ICs designed to replace traditional silicon-based power components. These products integrate GaN transistors, drivers and protection features into single-chip solutions, enabling faster charging, reduced energy loss and smaller power supply footprints.