Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up Following Analyst Upgrade

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price gapped up before the market opened on Thursday after Rosenblatt Securities raised their price target on the stock from $4.00 to $6.00. The stock had previously closed at $1.91, but opened at $4.91. Rosenblatt Securities currently has a buy rating on the stock. Navitas Semiconductor shares last traded at $4.43, with a volume of 99,027,661 shares.

Other analysts also recently issued research reports about the company. Robert W. Baird dropped their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Needham & Company LLC dropped their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Finally, Morgan Stanley downgraded Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor currently has an average rating of “Moderate Buy” and an average target price of $3.79.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director David Moxam sold 75,000 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $2.08, for a total transaction of $156,000.00. Following the completion of the transaction, the director now owns 792,848 shares in the company, valued at approximately $1,649,123.84. This represents a 8.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Todd Glickman sold 13,644 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total value of $35,337.96. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 153,877 shares of company stock worth $349,262. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds have recently modified their holdings of the stock. Northern Trust Corp grew its holdings in shares of Navitas Semiconductor by 9.5% in the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock valued at $4,319,000 after acquiring an additional 104,906 shares in the last quarter. Wesbanco Bank Inc. bought a new position in shares of Navitas Semiconductor in the 4th quarter valued at about $357,000. Bank of New York Mellon Corp grew its holdings in shares of Navitas Semiconductor by 27.6% in the 4th quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company’s stock valued at $1,780,000 after acquiring an additional 107,828 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Navitas Semiconductor by 125.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company’s stock valued at $37,000 after acquiring an additional 5,726 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Navitas Semiconductor by 29.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 52,013 shares of the company’s stock valued at $186,000 after acquiring an additional 11,770 shares in the last quarter. Institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Stock Performance

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

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate 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 $14.02 million during the quarter, compared to analysts’ expectations of $14.01 million. During the same quarter last year, the company earned ($0.06) EPS. Navitas Semiconductor’s revenue for the quarter was down 39.7% compared to the same quarter last year. Research analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

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.