Navitas Semiconductor (NASDAQ:NVTS) Trading Up 8.8% – Here’s What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS) was up 8.8% during trading on Friday . The company traded as high as $6.80 and last traded at $6.82. Approximately 21,243,482 shares were traded during mid-day trading, an increase of 63% from the average daily volume of 13,017,292 shares. The stock had previously closed at $6.27.

Wall Street Analysts Forecast Growth

NVTS has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft lowered shares of Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $3.50 target price for the company. in a report on Tuesday, June 17th. Needham & Company LLC decreased their target price on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Morgan Stanley lowered Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Finally, Rosenblatt Securities increased their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.71.

Navitas Semiconductor Stock Up 8.3%

The stock has a fifty day moving average of $5.72 and a two-hundred day moving average of $3.65. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -13.06 and a beta of 3.01.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The business had revenue of $14.02 million for the quarter, compared to the consensus estimate of $14.01 million. During the same period in the prior year, the business earned ($0.06) earnings per share. The business’s revenue was down 39.7% on a year-over-year basis. On average, research analysts expect that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Insider Activity

In other news, CEO Eugene Sheridan sold 238,668 shares of the business’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $7.50, for a total value of $1,790,010.00. Following the sale, the chief executive officer owned 461,332 shares of the company’s stock, valued at approximately $3,459,990. The trade was a 34.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ranbir Singh sold 21,782 shares of Navitas Semiconductor stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $8.53, for a total transaction of $185,800.46. Following the completion of the transaction, the director directly owned 19,214,053 shares in the company, valued at $163,895,872.09. This represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,084,600 shares of company stock worth $99,761,157 over the last quarter. Corporate insiders own 29.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NVTS. Northern Trust Corp lifted its position in shares of Navitas Semiconductor by 9.5% in the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock worth $4,319,000 after buying an additional 104,906 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Navitas Semiconductor in the fourth quarter worth about $52,000. Merit Financial Group LLC acquired a new stake in shares of Navitas Semiconductor in the first quarter worth about $48,000. Bank of America Corp DE increased its stake in shares of Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock worth $4,407,000 after purchasing an additional 794,371 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in shares of Navitas Semiconductor in the fourth quarter worth about $52,000. Hedge funds and other 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.