Navitas Semiconductor (NASDAQ:NVTS) Trading 8.3% Higher – What’s Next?

Navitas Semiconductor Corporation (NASDAQ:NVTS) traded up 8.3% during trading on Thursday . The company traded as high as $22.35 and last traded at $22.21. 22,845,701 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 29,074,160 shares. The stock had previously closed at $20.50.

Analysts Set New Price Targets

A number of analysts have weighed in on NVTS shares. Needham & Company LLC increased their target price 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. Morgan Stanley reaffirmed an “underweight” rating and issued a $13.70 price objective on shares of Navitas Semiconductor in a research note on Wednesday, May 6th. 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 downgraded shares of Navitas Semiconductor from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. Finally, Rosenblatt Securities boosted their target price on shares of Navitas Semiconductor from $7.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Navitas Semiconductor currently has an average rating of “Hold” and a consensus price target of $12.87.

Navitas Semiconductor Trading Up 8.3%

The firm’s 50-day moving average price is $18.49 and its 200 day moving average price is $12.26. The company has a market cap of $5.19 billion, a price-to-earnings ratio of -35.25 and a beta of 3.75.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $8.60 million for the quarter, compared to analyst estimates of $8.22 million. Navitas Semiconductor had a negative return on equity of 14.30% and a negative net margin of 330.67%.The company’s quarterly revenue was down 38.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.06) earnings per share. Analysts forecast that Navitas Semiconductor Corporation will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Navitas Semiconductor

In other news, CEO Chris Allexandre sold 13,323 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $31.81, for a total value of $423,804.63. Following the completion of the sale, the chief executive officer owned 1,072,633 shares in the company, valued at $34,120,455.73. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gary Kent Wunderlich, Jr. sold 35,165 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $28.14, for a total transaction of $989,543.10. Following the transaction, the director directly owned 2,375,060 shares in the company, valued at $66,834,188.40. The trade was a 1.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 4,087,630 shares of company stock worth $117,414,466. 12.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP grew its holdings in shares of Navitas Semiconductor by 309.4% in the third quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock valued at $26,000 after acquiring an additional 2,698 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Navitas Semiconductor by 3,200.0% in the first 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 during the last quarter. NewEdge Advisors LLC boosted its position in Navitas Semiconductor by 189.8% in the second quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock worth $29,000 after purchasing an additional 2,942 shares during the last quarter. GAMMA Investing LLC grew its stake in Navitas Semiconductor by 116.5% in the 4th quarter. GAMMA Investing LLC now owns 4,736 shares of the company’s stock valued at $34,000 after purchasing an additional 2,548 shares during the period. Finally, State of Wyoming increased its position in shares of Navitas Semiconductor by 92.8% during the 1st quarter. State of Wyoming now owns 4,803 shares of the company’s stock valued at $42,000 after purchasing an additional 2,312 shares during the last quarter. Hedge funds and other institutional investors own 46.14% of the company’s stock.

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.