Navitas Semiconductor (NASDAQ:NVTS) Sets New 52-Week High After Analyst Upgrade

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) hit a new 52-week high on Friday after Rosenblatt Securities raised their price target on the stock from $4.00 to $6.00. Rosenblatt Securities currently has a buy rating on the stock. Navitas Semiconductor traded as high as $5.25 and last traded at $5.05, with a volume of 274944991 shares trading hands. The stock had previously closed at $1.91.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC cut their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a 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 report on Wednesday, March 5th. Finally, Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their price target for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $3.79.

Insider Activity

In related news, Director Brian Long sold 47,189 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $2.36, for a total transaction of $111,366.04. Following the transaction, the director now directly owns 31,460 shares in the company, valued at approximately $74,245.60. This represents a 60.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gary Kent Wunderlich, Jr. sold 32,366 shares of Navitas Semiconductor stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $4.75, for a total value of $153,738.50. Following the completion of the sale, the director now owns 395,224 shares of the company's stock, valued at $1,877,314. This trade represents a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 920,752 shares of company stock worth $3,850,499 over the last three months. 31.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently bought and sold shares of the stock. Simplicity Wealth LLC acquired a new stake in shares of Navitas Semiconductor during the 1st quarter worth $26,000. Larson Financial Group LLC purchased a new position in shares of Navitas Semiconductor in the 1st quarter worth about $28,000. Benjamin Edwards Inc. purchased a new position in Navitas Semiconductor in the first quarter valued at approximately $31,000. Goodman Financial Corp acquired a new position in Navitas Semiconductor during the fourth quarter valued at approximately $36,000. Finally, Caption Management LLC purchased a new stake in Navitas Semiconductor during the fourth quarter worth approximately $36,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

Navitas Semiconductor Price Performance

The firm's 50-day moving average price is $2.26 and its 200-day moving average price is $2.74. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -14.67 and a beta of 2.24.

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

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.