Navitas Semiconductor (NASDAQ:NVTS) Hits New 52-Week High - Should You Buy?

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $9.48 and last traded at $8.47, with a volume of 119827065 shares traded. The stock had previously closed at $6.79.

Analyst Ratings Changes

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

Navitas Semiconductor Price Performance

The business has a fifty day simple moving average of $5.85 and a 200 day simple moving average of $3.68.

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 for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $14.02 million during the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. Navitas Semiconductor's revenue was down 39.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.06) EPS. Equities research analysts expect that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, CFO Todd Glickman sold 532,342 shares of the company's stock in a transaction dated 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 directly owned 234,501 shares in the company, valued at $1,052,909.49. This represents a 69.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eugene Sheridan sold 2,155,783 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $4.49, for a total transaction of $9,679,465.67. The disclosure for this sale can be found here. Insiders sold a total of 15,084,600 shares of company stock worth $99,761,157 over the last 90 days. 29.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its holdings in 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 buying an additional 794,371 shares during the period. Invesco Ltd. raised its position in shares of Navitas Semiconductor by 22.2% in the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock worth $3,751,000 after acquiring an additional 331,832 shares in the last quarter. Nuveen LLC acquired a new position in shares of Navitas Semiconductor in the 1st quarter valued at about $675,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Navitas Semiconductor during the 4th quarter valued at about $1,170,000. Finally, SCS Capital Management LLC acquired a new stake in Navitas Semiconductor during the first quarter worth approximately $567,000. Institutional investors and hedge funds 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.