Navitas Semiconductor (NASDAQ:NVTS) Shares Up 8.6% – Here’s What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s share price shot up 8.6% on Thursday . The stock traded as high as $22.76 and last traded at $22.9860. 15,545,814 shares traded hands during trading, a decline of 43% from the average session volume of 27,062,957 shares. The stock had previously closed at $21.17.

Analyst Upgrades and Downgrades

NVTS has been the topic of a number of recent analyst reports. Morgan Stanley restated an “underweight” rating and issued a $13.70 price target on shares of Navitas Semiconductor in a research report on Wednesday, May 6th. Robert W. Baird boosted their price target on shares of Navitas Semiconductor from $9.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Wall Street Zen upgraded shares of Navitas Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Tuesday, April 21st. Finally, Needham & Company LLC boosted their price target on shares of Navitas Semiconductor from $13.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $12.87.

Navitas Semiconductor Price Performance

The stock has a market cap of $5.13 billion, a P/E ratio of -35.03 and a beta of 3.62. The company’s 50 day simple moving average is $11.97 and its 200 day simple moving average is $10.11.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $8.60 million during the quarter, compared to analysts’ expectations of $8.22 million. Navitas Semiconductor had a negative net margin of 330.67% and a negative return on equity of 14.30%. The business’s quarterly revenue was down 38.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.06) earnings per share. On average, equities research analysts predict that Navitas Semiconductor Corporation will post -0.26 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Chris Allexandre sold 9,236 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $8.93, for a total transaction of $82,477.48. Following the completion of the transaction, the chief executive officer owned 813,323 shares in the company, valued at approximately $7,262,974.39. This represents a 1.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ranbir Singh sold 389,096 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $9.52, for a total transaction of $3,704,193.92. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 509,016 shares of company stock worth $4,967,814. 29.90% of the stock is owned by insiders.

Institutional Trading of Navitas Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in NVTS. Sei Investments Co. raised its position in shares of Navitas Semiconductor by 277.7% in the first quarter. Sei Investments Co. now owns 38,628 shares of the company’s stock valued at $339,000 after purchasing an additional 28,401 shares during the period. State of Wyoming increased its position in Navitas Semiconductor by 92.8% during the first quarter. State of Wyoming now owns 4,803 shares of the company’s stock worth $42,000 after acquiring an additional 2,312 shares during the period. PNC Financial Services Group Inc. increased its position in Navitas Semiconductor by 185.9% during the first quarter. PNC Financial Services Group Inc. now owns 12,218 shares of the company’s stock worth $107,000 after acquiring an additional 7,944 shares during the period. KBC Group NV bought a new position in Navitas Semiconductor during the first quarter worth about $51,000. Finally, Independent Financial Group LLC bought a new position in Navitas Semiconductor during the first quarter worth about $130,000. 46.14% of the stock is owned by institutional investors.

Navitas Semiconductor Company Profile

Navitas Semiconductor is a fabless semiconductor company specialized in gallium nitride (GaN) power integrated circuits. The company’s core mission centers on delivering high-efficiency, high-power-density power solutions that address the needs of modern electronic devices, ranging from fast chargers for consumer electronics to industrial and automotive power systems.

Navitas offers a portfolio of GaNFast power ICs designed to replace traditional silicon-based power components. These products integrate GaN transistors, drivers and protection features into single-chip solutions, enabling faster charging, reduced energy loss and smaller power supply footprints.