Navitas Semiconductor (NASDAQ:NVTS) Reaches New 1-Year High on Analyst Upgrade

Navitas Semiconductor Co. (NASDAQ:NVTS) shares hit a new 52-week high on Friday after Rosenblatt Securities raised their price target on the stock from $4.00 to $6.00. Rosenblatt Securities currently has a buy rating on the stock. Navitas Semiconductor traded as high as $5.25 and last traded at $5.05, with a volume of 274944991 shares trading hands. The stock had previously closed at $1.91.

A number of other equities analysts have also weighed in on NVTS. Needham & Company LLC decreased their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Morgan Stanley lowered shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Robert W. Baird reduced their target price on shares of Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, Navitas Semiconductor has an average rating of “Moderate Buy” and a consensus price target of $3.79.

Insider Activity at Navitas Semiconductor

In related news, CFO Todd Glickman sold 13,644 shares of Navitas Semiconductor stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total transaction of $35,337.96. Following the sale, the chief financial officer now owns 684,497 shares of the company’s stock, valued at $1,772,847.23. The trade was a 1.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Brian Long sold 47,189 shares of Navitas Semiconductor stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.36, for a total transaction of $111,366.04. Following the sale, the director now directly owns 31,460 shares in the company, valued at $74,245.60. This trade represents a 60.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 153,877 shares of company stock worth $349,262. 31.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Simplicity Wealth LLC purchased a new stake in Navitas Semiconductor during the 1st quarter worth $26,000. Larson Financial Group LLC purchased a new stake in Navitas Semiconductor during the 1st quarter worth $28,000. Benjamin Edwards Inc. purchased a new stake in Navitas Semiconductor during the 1st quarter worth $31,000. Goodman Financial Corp purchased a new stake in Navitas Semiconductor during the 4th quarter worth $36,000. Finally, Caption Management LLC purchased a new stake in Navitas Semiconductor during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Trading Up 164.4%

The company’s 50-day moving average price is $2.02 and its two-hundred day moving average price is $2.66. The company has a market cap of $968.63 million, a P/E ratio of -12.02 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The company had revenue of $14.02 million during the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company’s revenue was down 39.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.06) EPS. As a group, analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Navitas Semiconductor Company Profile

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.