Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – What’s Next?

Navitas Semiconductor Co. (NASDAQ:NVTS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.96, but opened at $3.12. Navitas Semiconductor shares last traded at $3.13, with a volume of 1,105,396 shares.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Robert W. Baird reduced their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Craig Hallum reduced their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $7.50 price objective on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.75.

Navitas Semiconductor Trading Up 2.7 %

The stock has a market capitalization of $567.86 million, a PE ratio of -7.24 and a beta of 2.23. The company’s 50 day simple moving average is $3.07 and its 200 day simple moving average is $3.07.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The company had revenue of $21.68 million for the quarter, compared to analyst estimates of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. Navitas Semiconductor’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.10) EPS. As a group, analysts predict that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Insider Buying and Selling at Navitas Semiconductor

In related news, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.04, for a total transaction of $323,200.00. Following the transaction, the director now owns 356,709 shares in the company, valued at approximately $1,441,104.36. The trade was a 18.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 31.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ensign Peak Advisors Inc lifted its holdings in Navitas Semiconductor by 5.2% in the 2nd quarter. Ensign Peak Advisors Inc now owns 77,245 shares of the company’s stock worth $304,000 after buying an additional 3,800 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Navitas Semiconductor by 5.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock worth $306,000 after purchasing an additional 4,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Navitas Semiconductor by 48.9% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 24,826 shares of the company’s stock valued at $98,000 after buying an additional 8,156 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Navitas Semiconductor by 16.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,998 shares of the company’s stock valued at $283,000 after buying an additional 10,024 shares during the last quarter. Finally, DRW Securities LLC bought a new stake in shares of Navitas Semiconductor during the 2nd quarter valued at about $46,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

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.