Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down to $4.58

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $4.58, but opened at $4.46. Navitas Semiconductor shares last traded at $4.55, with a volume of 687,062 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $12.00 price objective on shares of Navitas Semiconductor in a research report on Friday, March 1st. Northland Securities assumed coverage on shares of Navitas Semiconductor in a research report on Tuesday, January 16th. They issued a "market perform" rating for the company. Finally, Needham & Company LLC reduced their price target on shares of Navitas Semiconductor from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Friday, March 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Navitas Semiconductor has a consensus rating of "Moderate Buy" and a consensus price target of $9.82.

Navitas Semiconductor Stock Performance

The company has a market capitalization of $820.98 million, a PE ratio of -5.20 and a beta of 2.54. The business's 50-day simple moving average is $5.41 and its 200-day simple moving average is $6.27.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The business 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%. Sell-side analysts forecast that Navitas Semiconductor Co. will post -0.46 EPS for the current fiscal year.

Insider Transactions at Navitas Semiconductor

In other news, EVP Ranbir Singh sold 10,925 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $52,440.00. Following the sale, the executive vice president now owns 29,357 shares of the company's stock, valued at approximately $140,913.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Ranbir Singh sold 10,925 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $52,440.00. Following the sale, the executive vice president now owns 29,357 shares of the company's stock, valued at approximately $140,913.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eugene Sheridan sold 38,431 shares of Navitas Semiconductor stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $184,468.80. Following the completion of the sale, the chief executive officer now directly 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 73,429 shares of company stock valued at $352,459 in the last 90 days. 36.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Navitas Semiconductor

A number of institutional investors have recently added to or reduced their stakes in NVTS. Vanguard Group Inc. boosted its stake in Navitas Semiconductor by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 8,777,091 shares of the company's stock worth $70,831,000 after purchasing an additional 204,384 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Navitas Semiconductor by 8.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,113 shares of the company's stock worth $219,000 after purchasing an additional 2,202 shares during the period. GSA Capital Partners LLP purchased a new stake in Navitas Semiconductor during the fourth quarter worth about $764,000. Oberweis Asset Management Inc. increased its stake in Navitas Semiconductor by 5.2% during the fourth quarter. Oberweis Asset Management Inc. now owns 959,900 shares of the company's stock worth $7,746,000 after purchasing an additional 47,400 shares during the period. Finally, Penn Capital Management Company LLC increased its stake in Navitas Semiconductor by 9.0% during the fourth quarter. Penn Capital Management Company LLC now owns 1,360,204 shares of the company's stock worth $10,992,000 after purchasing an additional 112,551 shares during the period. Institutional investors and hedge funds own 46.14% of the company's stock.

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.