Navitas Semiconductor (NASDAQ:NVTS) Hits New 1-Year High - What's Next?

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $7.88 and last traded at $7.30, with a volume of 126703041 shares traded. The stock had previously closed at $6.18.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Needham & Company LLC dropped their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Robert W. Baird dropped their target price on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. Morgan Stanley lowered shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Finally, Rosenblatt Securities upped their target price on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Price Performance

The stock has a market cap of $1.40 billion, a P/E ratio of -17.43 and a beta of 2.96. The stock's 50-day moving average is $3.38 and its two-hundred day moving average is $3.12.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.06). The company had revenue of $14.02 million for the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. Navitas Semiconductor's revenue was down 39.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. On average, analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Activity at Navitas Semiconductor

In other news, Director Brian Long sold 1,026,227 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $7.93, for a total value of $8,137,980.11. Following the sale, the director now owns 4,420,991 shares of the company's stock, valued at approximately $35,058,458.63. This represents a 18.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Todd Glickman sold 532,342 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total transaction of $2,390,215.58. Following the completion of the sale, the chief financial officer now directly owns 234,501 shares in the company, valued at approximately $1,052,909.49. This represents a 69.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,962,416 shares of company stock valued at $90,363,966 over the last 90 days. 29.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently made changes to their positions in the company. Northern Trust Corp raised its stake in shares of Navitas Semiconductor by 9.5% in the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock valued at $4,319,000 after acquiring an additional 104,906 shares during the period. Bank of America Corp DE raised its stake in shares of Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after acquiring an additional 794,371 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Navitas Semiconductor in the fourth quarter worth about $52,000. Bank of New York Mellon Corp grew its holdings in shares of Navitas Semiconductor by 27.6% in the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock worth $1,780,000 after purchasing an additional 107,828 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Navitas Semiconductor by 72.8% in the fourth quarter. Deutsche Bank AG now owns 121,203 shares of the company's stock worth $433,000 after purchasing an additional 51,045 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 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.