Navitas Semiconductor (NASDAQ:NVTS) Shares Up 1.5% – Here’s What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS) rose 1.5% during trading on Monday . The company traded as high as $26.18 and last traded at $23.73. Approximately 35,710,217 shares traded hands during trading, an increase of 23% from the average daily volume of 29,135,602 shares. The stock had previously closed at $23.39.

Analyst Ratings Changes

NVTS has been the subject of a number of research reports. Weiss Ratings downgraded Navitas Semiconductor from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 2nd. Robert W. Baird increased their target price on Navitas Semiconductor from $9.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Morgan Stanley reiterated an “underweight” rating and set a $13.70 target price on shares of Navitas Semiconductor in a research report on Wednesday, May 6th. Rosenblatt Securities increased their target price on Navitas Semiconductor from $7.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Needham & Company LLC increased their target price on Navitas Semiconductor from $13.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.87.

Navitas Semiconductor Price Performance

The company has a market capitalization of $5.55 billion, a P/E ratio of -37.67 and a beta of 3.75. The business has a 50-day moving average of $19.06 and a 200-day moving average of $12.47.

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

Insider Buying and Selling

In related news, Director Richard J. Hendrix sold 110,165 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $28.96, for a total value of $3,190,378.40. Following the completion of the sale, the director directly owned 101,709 shares in the company, valued at $2,945,492.64. This trade represents a 52.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Todd Glickman sold 98,152 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $10.78, for a total value of $1,058,078.56. Following the completion of the sale, the chief financial officer owned 735,231 shares of the company’s stock, valued at approximately $7,925,790.18. This represents a 11.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 4,087,630 shares of company stock valued at $117,414,466 over the last 90 days. 12.40% of the stock is currently owned by insiders.

Institutional Trading of Navitas Semiconductor

A number of hedge funds and other institutional investors have recently bought and sold shares of NVTS. Allworth Financial LP increased its stake in Navitas Semiconductor by 309.4% in the third quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock worth $26,000 after purchasing an additional 2,698 shares during the period. NewEdge Advisors LLC grew its stake in Navitas Semiconductor by 189.8% in the second quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock valued at $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 fourth 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 last quarter. Geneos Wealth Management Inc. grew its stake 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 valued at $36,000 after purchasing an additional 4,000 shares during the last quarter. Finally, State of Wyoming boosted its holdings in Navitas Semiconductor by 92.8% in the first quarter. State of Wyoming now owns 4,803 shares of the company’s stock worth $42,000 after acquiring an additional 2,312 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 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.