Navitas Semiconductor (NASDAQ:NVTS) Sees Strong Trading Volume – Here’s Why

Navitas Semiconductor Co. (NASDAQ:NVTS) saw unusually-strong trading volume on Monday . Approximately 16,738,167 shares traded hands during trading, an increase of 82% from the previous session’s volume of 9,191,115 shares.The stock last traded at $7.19 and had previously closed at $6.18.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NVTS shares. Robert W. Baird cut their price target on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Morgan Stanley downgraded Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Rosenblatt Securities upped their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a report on Thursday, May 22nd. Finally, 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 report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $3.79.

Navitas Semiconductor Trading Up 24.8%

The firm has a market cap of $1.48 billion, a PE ratio of -18.32 and a beta of 2.96. The business has a fifty day moving average price of $2.79 and a 200 day moving average price of $2.95.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting analysts’ consensus estimates of ($0.06). Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The business had revenue of $14.02 million for the quarter, compared to the consensus estimate of $14.01 million. During the same quarter in the prior year, the business posted ($0.06) EPS. The business’s revenue for the quarter was down 39.7% on a year-over-year basis. On average, research analysts expect that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Activity at Navitas Semiconductor

In related news, Director Brian Long sold 47,189 shares of the company’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the sale, the director now directly owns 31,460 shares of the company’s stock, valued at $74,245.60. This represents a 60.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Todd Glickman sold 532,342 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total value of $2,390,215.58. Following the completion of the sale, the chief financial officer now directly owns 234,501 shares of the company’s stock, valued at approximately $1,052,909.49. This trade represents a 69.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,531,933 shares of company stock valued at $56,140,270 in the last three months. 29.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NVTS. SCS Capital Management LLC purchased a new position in Navitas Semiconductor during the 1st quarter worth $567,000. Hsbc Holdings PLC raised its position in Navitas Semiconductor by 980.4% during the 1st quarter. Hsbc Holdings PLC now owns 158,566 shares of the company’s stock worth $323,000 after buying an additional 143,890 shares during the last quarter. American Century Companies Inc. raised its position in Navitas Semiconductor by 650.6% during the 1st quarter. American Century Companies Inc. now owns 117,873 shares of the company’s stock worth $242,000 after buying an additional 102,169 shares during the last quarter. Nuveen LLC purchased a new position in Navitas Semiconductor during the 1st quarter worth $675,000. Finally, Invesco Ltd. raised its position in Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock worth $3,751,000 after buying an additional 331,832 shares during the last quarter. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.