Navitas Semiconductor (NASDAQ:NVTS) Sets New 1-Year High - Here's What Happened

Key Points

• Navitas Semiconductor reached a new 52-week high of $9.48 during trading but closed at $8.56, with a total volume of nearly 5 million shares exchanged.
• Several analysts have varying views on the stock, with Rosenblatt Securities raising their price target to $6.00 while Morgan Stanley decreased their target to $1.50, leading to a consensus rating of "Moderate Buy."
• Recent insider trading saw directors selling significant shares, with a total of 15 million shares sold over the last 90 days, indicating a potential shift in confidence from insiders.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $9.48 and last traded at $8.56, with a volume of 4975889 shares changing hands. The stock had previously closed at $8.79.

Wall Street Analyst Weigh In

Several research firms have recently commented on NVTS. Rosenblatt Securities boosted their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Morgan Stanley downgraded 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 report on Monday, April 7th. Needham & Company LLC decreased their price target on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target for the company. in a report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Stock Down 3.2%

The firm has a 50 day moving average price of $6.39 and a 200 day moving average price of $3.82. The stock has a market cap of $1.63 billion, a P/E ratio of -16.36 and a beta of 3.01.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The firm's revenue was down 39.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) earnings per share. Equities analysts predict that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Brian Long sold 1,026,227 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $7.93, for a total transaction of $8,137,980.11. Following the transaction, the director owned 4,420,991 shares in the company, valued at approximately $35,058,458.63. This trade represents a 18.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard J. Hendrix sold 20,000 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $8.12, for a total value of $162,400.00. Following the transaction, the director owned 45,456 shares in the company, valued at approximately $369,102.72. This represents a 30.55% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,084,600 shares of company stock valued at $99,761,157. Insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cranbrook Wealth Management LLC acquired a new stake in Navitas Semiconductor in the second quarter worth about $25,000. Simplicity Wealth LLC acquired a new stake in Navitas Semiconductor in the first quarter worth about $26,000. Larson Financial Group LLC acquired a new stake in Navitas Semiconductor in the first quarter worth about $28,000. Benjamin Edwards Inc. acquired a new stake in Navitas Semiconductor in the first quarter worth about $31,000. Finally, ST Germain D J Co. Inc. acquired a new stake in Navitas Semiconductor in the second quarter worth about $33,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

About Navitas Semiconductor

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.