Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up Following Analyst Upgrade

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) gapped up before the market opened on Thursday after Rosenblatt Securities raised their price target on the stock from $4.00 to $6.00. The stock had previously closed at $1.91, but opened at $4.91. Rosenblatt Securities currently has a buy rating on the stock. Navitas Semiconductor shares last traded at $4.43, with a volume of 99,027,661 shares trading hands.

Several other research analysts have also recently weighed in on NVTS. Needham & Company LLC lowered their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Robert W. Baird reduced their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 5th. Finally, Morgan Stanley downgraded Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $2.10 to $1.50 in a report on Monday, April 7th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $3.79.

Insider Activity at Navitas Semiconductor

In other news, CFO Todd Glickman sold 13,644 shares of Navitas Semiconductor stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total transaction of $35,337.96. Following the completion of the sale, the chief financial officer now directly owns 684,497 shares of the company's stock, valued at approximately $1,772,847.23. The trade was a 1.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Moxam sold 75,000 shares of the 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 transaction, the director now directly owns 792,848 shares in the company, valued at $1,649,123.84. This trade represents a 8.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 153,877 shares of company stock valued at $349,262 over the last 90 days. 31.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Simplicity Wealth LLC purchased a new position in shares of Navitas Semiconductor during the first quarter worth about $26,000. Larson Financial Group LLC purchased a new position in shares of Navitas Semiconductor during the first quarter worth approximately $28,000. Benjamin Edwards Inc. acquired a new position in shares of Navitas Semiconductor in the 1st quarter valued at $31,000. Goodman Financial Corp purchased a new stake in Navitas Semiconductor in the 4th quarter valued at $36,000. Finally, Caption Management LLC purchased a new stake in Navitas Semiconductor in the 4th quarter valued at $36,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

Navitas Semiconductor Trading Up 143.6%

The stock has a market cap of $892.48 million, a price-to-earnings ratio of -10.78 and a beta of 2.24. The stock's 50 day moving average is $1.98 and its two-hundred day moving average is $2.64.

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, hitting the consensus estimate of ($0.06). The business 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 84.61% and a negative return on equity of 23.64%. The business's quarterly revenue was down 39.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. On average, sell-side analysts predict that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

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.

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