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

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) saw strong trading volume on Tuesday . 15,184,692 shares traded hands during trading, an increase of 31% from the previous session's volume of 11,547,662 shares.The stock last traded at $7.00 and had previously closed at $6.52.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird reduced 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. Deutsche Bank Aktiengesellschaft cut Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective for the company. in a report on Tuesday, June 17th. Rosenblatt Securities increased their price objective on shares of 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 shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their target price for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Finally, Needham & Company LLC lowered their price objective 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $3.71.

Navitas Semiconductor Stock Up 12.7%

The stock has a market cap of $1.41 billion, a P/E ratio of -14.13 and a beta of 2.96. The business's 50 day simple moving average is $4.11 and its two-hundred day simple moving average is $3.31.

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 the consensus estimate of ($0.06). The firm had revenue of $14.02 million during the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative net margin of 131.83% and a negative return on equity of 22.62%. The company's revenue for the quarter was down 39.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) earnings per share. As a group, research analysts forecast that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.

Insider Transactions at Navitas Semiconductor

In other news, Director David Moxam sold 75,000 shares of Navitas Semiconductor stock in a transaction on Friday, May 16th. The shares were sold at an average price of $2.08, for a total value of $156,000.00. Following the completion of the sale, the director now owns 792,848 shares in the company, valued at $1,649,123.84. The trade was a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Todd Glickman sold 532,342 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $4.49, for a total value of $2,390,215.58. Following the transaction, the chief financial officer now directly owns 234,501 shares in the company, valued at approximately $1,052,909.49. This trade represents a 69.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,084,600 shares of company stock worth $99,761,157. Company insiders own 29.90% of the company's stock.

Institutional Trading of Navitas Semiconductor

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SCS Capital Management LLC bought a new stake in shares of Navitas Semiconductor during the first quarter worth about $567,000. Hsbc Holdings PLC boosted its stake in Navitas Semiconductor by 980.4% during the 1st quarter. Hsbc Holdings PLC now owns 158,566 shares of the company's stock valued at $323,000 after purchasing an additional 143,890 shares during the last quarter. American Century Companies Inc. increased its holdings in Navitas Semiconductor by 650.6% during the 1st quarter. American Century Companies Inc. now owns 117,873 shares of the company's stock worth $242,000 after purchasing an additional 102,169 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Navitas Semiconductor in the first quarter worth approximately $675,000. Finally, Invesco Ltd. boosted its position in shares of Navitas Semiconductor by 22.2% during the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after buying an additional 331,832 shares during the last quarter. 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.