Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 6.3% – Still a Buy?

Navitas Semiconductor Corporation (NASDAQ:NVTS) shares traded up 6.3% during mid-day trading on Monday . The company traded as high as $12.25 and last traded at $12.1510. Approximately 2,344,371 shares were traded during trading, a decline of 90% from the average daily volume of 23,882,727 shares. The stock had previously closed at $11.43.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Needham & Company LLC reiterated a “buy” rating and issued a $21.00 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Rosenblatt Securities restated a “neutral” rating and set a $13.00 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Jefferies Financial Group set a $13.00 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Monday, September 14th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $12.60 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Navitas Semiconductor presently has a consensus rating of “Hold” and a consensus target price of $15.92.

Navitas Semiconductor Trading Up 5.9%

The company has a 50-day moving average price of $12.09 and a two-hundred day moving average price of $14.96. The stock has a market capitalization of $3.16 billion, a P/E ratio of -9.12 and a beta of 3.88.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Monday, July 27th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%.The company had revenue of $10.53 million for the quarter, compared to analyst estimates of $9.97 million. During the same quarter in the prior year, the company earned ($0.25) EPS. The firm’s revenue for the quarter was down 27.3% compared to the same quarter last year. Research analysts forecast that Navitas Semiconductor Corporation will post -0.31 earnings per share for the current year.

Institutional Trading of Navitas Semiconductor

Several large investors have recently modified their holdings of the stock. Tidal Investments LLC boosted its stake in Navitas Semiconductor by 161.2% during the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock worth $20,289,000 after acquiring an additional 698,683 shares in the last quarter. Engineers Gate Manager LP grew its holdings in Navitas Semiconductor by 180.5% in the second quarter. Engineers Gate Manager LP now owns 117,293 shares of the company’s stock worth $2,102,000 after purchasing an additional 75,478 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Navitas Semiconductor in the second quarter valued at $121,000. Arizona State Retirement System increased its stake in Navitas Semiconductor by 22.4% in the second quarter. Arizona State Retirement System now owns 57,314 shares of the company’s stock valued at $1,027,000 after purchasing an additional 10,486 shares in the last quarter. Finally, Nykredit A S acquired a new position in shares of Navitas Semiconductor during the second quarter valued at about $130,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation (NASDAQ: NVTS) develops gallium nitride (GaN) and silicon carbide (SiC) power semiconductor technologies. Its products are designed to improve the efficiency, power density and size of power-conversion systems used in electronic devices and infrastructure.

The company offers GaN power integrated circuits, including its GaNFast product family, as well as SiC devices and related technologies marketed under the GeneSiC brand. Its products are used in applications such as mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, appliances, industrial equipment and other high-power systems.

Founded in 2014, Navitas is headquartered in Torrance, California, and serves customers and markets internationally.