Navitas Semiconductor (NASDAQ:NVTS) Sees Strong Trading Volume - Here's What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) saw an uptick in trading volume on Tuesday . 18,437,624 shares traded hands during mid-day trading, an increase of 234% from the previous session's volume of 5,520,336 shares.The stock last traded at $5.05 and had previously closed at $4.41.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NVTS. Robert W. Baird lowered their price target 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 report on Thursday, May 22nd. Needham & Company LLC lowered their target price on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $3.79.

Navitas Semiconductor Price Performance

The company has a 50-day moving average price of $2.26 and a 200 day moving average price of $2.74. The firm has a market capitalization of $1.18 billion, a PE ratio of -15.13 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, hitting 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 return on equity of 23.64% and a negative net margin of 84.61%. The firm's revenue for the quarter was down 39.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.06) earnings per share. As a group, research analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Activity

In related news, CEO Eugene Sheridan sold 2,155,783 shares of the firm's stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the director now owns 395,224 shares of the company's stock, valued at $1,877,314. The trade was a 7.57% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,076,535 shares of company stock valued at $13,529,964. 31.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Navitas Semiconductor by 1.3% in the first quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company's stock valued at $20,495,000 after purchasing an additional 123,598 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Navitas Semiconductor by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company's stock valued at $11,005,000 after purchasing an additional 113,277 shares in the last quarter. Invesco Ltd. grew its position in shares of Navitas Semiconductor by 22.2% in the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after purchasing an additional 331,832 shares in the last quarter. Bank of America Corp DE grew its position 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 purchasing an additional 794,371 shares in the last quarter. Finally, Northern Trust Corp grew its position 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 purchasing an additional 104,906 shares in the last quarter. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.