Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – Here’s Why

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $3.86, but opened at $4.12. Navitas Semiconductor shares last traded at $4.02, with a volume of 3,705,998 shares.

Analyst Ratings Changes

NVTS has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut 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 Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Rosenblatt Securities restated a “buy” rating and issued a $7.50 target price on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Finally, Craig Hallum reduced their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. 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, the company presently has an average rating of “Moderate Buy” and an average price target of $4.75.

Navitas Semiconductor Price Performance

The stock has a market capitalization of $745.33 million, a price-to-earnings ratio of -9.50 and a beta of 2.37. The stock has a 50-day moving average of $2.73 and a 200 day moving average of $3.13.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business had revenue of $21.68 million for the quarter, compared to analyst estimates of $21.93 million. During the same period in the prior year, the business posted ($0.10) earnings per share. Navitas Semiconductor’s revenue was down 1.4% compared to the same quarter last year. Sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard J. Hendrix sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the completion of the transaction, the director now directly owns 316,709 shares in the company, valued at approximately $1,437,858.86. The trade was a 11.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 31.80% of the stock is owned by insiders.

Institutional Trading of Navitas Semiconductor

A number of institutional investors have recently modified their holdings of the company. Benjamin Edwards Inc. bought a new stake in Navitas Semiconductor in the 3rd quarter valued at approximately $36,000. Bleakley Financial Group LLC bought a new position in shares of Navitas Semiconductor in the third quarter valued at $41,000. GSA Capital Partners LLP bought a new stake in shares of Navitas Semiconductor in the 3rd quarter valued at about $44,000. DRW Securities LLC acquired a new stake in shares of Navitas Semiconductor in the second quarter valued at approximately $46,000. Finally, Wedbush Securities Inc. bought a new position in shares of Navitas Semiconductor in the second quarter valued at about $49,000. 46.14% of the stock is currently owned by institutional investors.

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.