Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 9.2%

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price rose 9.2% during mid-day trading on Wednesday . The company traded as high as $4.17 and last traded at $4.14. Approximately 767,909 shares were traded during trading, a decline of 73% from the average daily volume of 2,891,320 shares. The stock had previously closed at $3.79.

Wall Street Analyst Weigh In

NVTS has been the topic of a number of research analyst reports. Needham & Company LLC reduced their price objective on shares of Navitas Semiconductor from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. Rosenblatt Securities restated a “buy” rating and set a $12.00 target price on shares of Navitas Semiconductor in a report on Friday, March 1st. Finally, Northland Securities started coverage on shares of Navitas Semiconductor in a report on Tuesday, January 16th. They set a “market perform” rating on the stock. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.82.

Navitas Semiconductor Trading Up 8.2 %

The company has a market cap of $734.93 million, a P/E ratio of -4.69 and a beta of 2.54. The stock’s 50 day moving average is $4.98 and its 200-day moving average is $6.06.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $26.06 million for the quarter, compared to analysts’ expectations of $25.68 million. Navitas Semiconductor had a negative net margin of 183.04% and a negative return on equity of 18.81%. As a group, sell-side analysts forecast that Navitas Semiconductor Co. will post -0.46 EPS for the current year.

Insider Buying and Selling

In other Navitas Semiconductor news, COO Daniel M. Kinzer sold 24,073 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $115,550.40. Following the transaction, the chief operating officer now owns 4,538,353 shares in the company, valued at approximately $21,784,094.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Navitas Semiconductor news, COO Daniel M. Kinzer sold 24,073 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $115,550.40. Following the transaction, the chief operating officer now owns 4,538,353 shares in the company, valued at approximately $21,784,094.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eugene Sheridan sold 38,431 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $184,468.80. Following the transaction, the chief executive officer now owns 3,061,631 shares in the company, valued at approximately $14,695,828.80. The disclosure for this sale can be found here. Insiders have sold a total of 73,429 shares of company stock worth $352,459 in the last quarter. Corporate insiders own 36.80% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently made changes to their positions in NVTS. DnB Asset Management AS purchased a new stake in shares of Navitas Semiconductor during the 3rd quarter valued at about $657,000. SG Americas Securities LLC purchased a new stake in shares of Navitas Semiconductor during the 3rd quarter valued at about $302,000. Commonwealth Equity Services LLC increased its position in shares of Navitas Semiconductor by 15.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 40,015 shares of the company’s stock valued at $278,000 after purchasing an additional 5,500 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Navitas Semiconductor by 9.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 392,743 shares of the company’s stock valued at $2,730,000 after purchasing an additional 33,320 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in Navitas Semiconductor by 52.3% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 11,210 shares of the company’s stock worth $76,000 after acquiring an additional 3,850 shares in the last quarter. Hedge funds and other institutional investors own 46.14% of the company’s stock.

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.