Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 10.6% – What’s Next?

Navitas Semiconductor Co. (NASDAQ:NVTS) shares rose 10.6% during mid-day trading on Monday . The company traded as high as $2.83 and last traded at $2.82. Approximately 1,550,907 shares changed hands during trading, a decline of 41% from the average daily volume of 2,629,371 shares. The stock had previously closed at $2.55.

Wall Street Analysts Forecast Growth

NVTS has been the topic of a number of recent analyst reports. Morgan Stanley reduced their target price on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Craig Hallum reduced their target price on Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Needham & Company LLC reduced their target price on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Rosenblatt Securities restated a “buy” rating and set a $10.00 target price on shares of Navitas Semiconductor in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Navitas Semiconductor has an average rating of “Moderate Buy” and a consensus price target of $6.00.

Navitas Semiconductor Price Performance

The company has a market cap of $521.84 million, a price-to-earnings ratio of -5.59 and a beta of 2.38. The stock has a 50-day moving average price of $2.56 and a 200 day moving average price of $3.49.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Monday, August 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). Navitas Semiconductor had a negative net margin of 55.70% and a negative return on equity of 22.29%. The firm had revenue of $20.50 million during the quarter, compared to analyst estimates of $20.01 million. During the same period in the prior year, the business posted ($0.12) EPS. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. Sell-side analysts expect that Navitas Semiconductor Co. will post -0.53 EPS for the current fiscal year.

Insider Activity at Navitas Semiconductor

In related news, Director David Moxam sold 33,000 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $3.13, for a total value of $103,290.00. Following the sale, the director now owns 867,848 shares of the company’s stock, valued at approximately $2,716,364.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Navitas Semiconductor news, CEO Eugene Sheridan sold 193,662 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $3.03, for a total value of $586,795.86. Following the completion of the transaction, the chief executive officer now directly owns 2,149,631 shares in the company, valued at $6,513,381.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Moxam sold 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $3.13, for a total value of $103,290.00. Following the completion of the transaction, the director now owns 867,848 shares of the company’s stock, valued at approximately $2,716,364.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 829,852 shares of company stock valued at $2,528,252. 31.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Rice Hall James & Associates LLC bought a new position in Navitas Semiconductor in the second quarter valued at approximately $2,151,000. Point72 Asset Management L.P. grew its stake in Navitas Semiconductor by 2,656.2% in the second quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock valued at $16,834,000 after purchasing an additional 4,127,940 shares in the last quarter. Squarepoint Ops LLC bought a new position in Navitas Semiconductor in the second quarter valued at approximately $2,364,000. Masters Capital Management LLC boosted its stake in shares of Navitas Semiconductor by 90.0% during the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock worth $7,467,000 after acquiring an additional 900,000 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Navitas Semiconductor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 9,009,587 shares of the company’s stock worth $42,976,000 after acquiring an additional 232,496 shares during the period. 46.14% of the stock is currently owned by institutional investors.

About Navitas Semiconductor

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.