Navitas Semiconductor (NASDAQ:NVTS) Shares Climb 8% – Here’s What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s share price shot up 8% during mid-day trading on Friday. The company traded as high as $12.95 and last traded at $13.0920. Approximately 4,807,038 shares were traded during trading, a decline of 80% from the average daily volume of 23,506,947 shares. The stock had previously closed at $12.12.

Wall Street Analyst Weigh In

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

Navitas Semiconductor Stock Up 4.3%

The stock’s fifty day simple moving average is $12.01 and its two-hundred day simple moving average is $15.13. The firm has a market cap of $3.30 billion, a PE ratio of -9.52 and a beta of 3.96.

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

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds have recently added to or reduced their stakes in the stock. Rakuten Securities Inc. purchased a new stake in shares of Navitas Semiconductor in the second quarter worth $27,000. Beaird Harris Wealth Management LLC raised its position in shares of Navitas Semiconductor by 247.8% in the 2nd quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company’s stock worth $31,000 after purchasing an additional 1,239 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in Navitas Semiconductor by 3,200.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,125 shares of the company’s stock worth $36,000 after purchasing an additional 4,000 shares in the last quarter. State of Wyoming boosted its stake in Navitas Semiconductor by 92.8% in the 1st quarter. State of Wyoming now owns 4,803 shares of the company’s stock worth $42,000 after purchasing an additional 2,312 shares in the last quarter. Finally, Sarver Vrooman Wealth Advisors purchased a new stake in Navitas Semiconductor during the 4th quarter valued at about $45,000. 46.14% of the stock is owned by institutional investors.

About Navitas Semiconductor

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.