Navitas Semiconductor (NASDAQ:NVTS) Sees Large Volume Increase - Here's Why

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) saw strong trading volume on Monday . 14,424,742 shares were traded during mid-day trading, an increase of 87% from the previous session's volume of 7,699,168 shares.The stock last traded at $5.10 and had previously closed at $5.10.

Analyst Upgrades and Downgrades

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

Navitas Semiconductor Stock Down 10.8%

The stock has a market cap of $1.16 billion, a PE ratio of -14.40 and a beta of 2.24. The stock has a fifty day moving average of $2.63 and a 200-day moving average of $2.88.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share 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 the consensus estimate of $14.01 million. During the same period last year, the business posted ($0.06) EPS. The company's revenue was down 39.7% on a year-over-year basis. Equities research analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In related news, Director Brian Long sold 47,189 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the sale, the director now owns 31,460 shares in the company, valued at $74,245.60. This trade represents a 60.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eugene Sheridan sold 2,155,783 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was 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. In the last three months, insiders have sold 4,478,587 shares of company stock valued at $22,447,680. 31.80% of the stock is owned by company insiders.

Institutional Trading of Navitas Semiconductor

Several hedge funds have recently modified their holdings of the business. American Century Companies Inc. grew its stake in shares of Navitas Semiconductor by 52.7% during the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock worth $56,000 after purchasing an additional 5,419 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Navitas Semiconductor by 125.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock worth $37,000 after buying an additional 5,726 shares in the last quarter. 180 Wealth Advisors LLC grew its position in Navitas Semiconductor by 7.6% during the first quarter. 180 Wealth Advisors LLC now owns 97,602 shares of the company's stock worth $200,000 after buying an additional 6,920 shares during the period. Goodman Financial Corp purchased a new position in Navitas Semiconductor in the fourth quarter valued at about $36,000. Finally, Caption Management LLC acquired a new stake in shares of Navitas Semiconductor during the 4th quarter valued at approximately $36,000. 46.14% of the stock is owned by institutional investors and hedge funds.

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.