Investors Buy Large Volume of Call Options on Navitas Semiconductor (NASDAQ:NVTS)

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) was the recipient of unusually large options trading on Monday. Stock traders bought 152,815 call options on the company. This represents an increase of approximately 542% compared to the typical daily volume of 23,812 call options.

Insider Transactions at Navitas Semiconductor

In related news, CFO Todd Glickman sold 532,342 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $4.49, for a total value of $2,390,215.58. Following the completion of the sale, the chief financial officer directly owned 234,501 shares in the company, valued at approximately $1,052,909.49. The trade was a 69.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eugene Sheridan sold 2,155,783 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $4.49, for a total value of $9,679,465.67. The disclosure for this sale can be found here. Insiders have sold a total of 15,084,600 shares of company stock valued at $99,761,157 in the last ninety days. 29.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Several institutional investors have recently bought and sold shares of NVTS. Cranbrook Wealth Management LLC purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter valued at $25,000. Simplicity Wealth LLC bought a new stake in Navitas Semiconductor during the first quarter worth about $26,000. Larson Financial Group LLC purchased a new stake in shares of Navitas Semiconductor in the first quarter worth $28,000. Benjamin Edwards Inc. purchased a new stake in shares of Navitas Semiconductor in the first quarter worth $31,000. Finally, ST Germain D J Co. Inc. purchased a new position in shares of Navitas Semiconductor during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on NVTS shares. Morgan Stanley cut shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their price target for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Rosenblatt Securities boosted their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target for the company. in a research note on Tuesday, June 17th. Finally, Needham & Company LLC lowered their price target on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $3.71.

Navitas Semiconductor Price Performance

NVTS stock traded up $2.20 during trading on Monday, reaching $8.99. 78,746,703 shares of the company were exchanged, compared to its average volume of 13,409,829. The company has a 50-day moving average of $5.72 and a two-hundred day moving average of $3.65. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -17.34 and a beta of 3.01. Navitas Semiconductor has a twelve month low of $1.52 and a twelve month high of $9.46.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The company's revenue was down 39.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.06) earnings per share. On average, analysts forecast that Navitas Semiconductor will post -0.51 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.