Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up - Should You Buy?

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $6.50, but opened at $7.03. Navitas Semiconductor shares last traded at $6.66, with a volume of 57,173,538 shares changing hands.

Analysts Set New Price Targets

Several research firms recently issued reports on NVTS. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their price target for the company 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 on the stock in a report on Tuesday, May 6th. Rosenblatt Securities raised their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Finally, Robert W. Baird decreased 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. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. According to MarketBeat, Navitas Semiconductor presently has a consensus rating of "Moderate Buy" and an average price target of $3.79.

Navitas Semiconductor Stock Up 1.1%

The stock has a market cap of $1.26 billion, a P/E ratio of -15.97 and a beta of 2.24. The stock has a fifty day simple moving average of $2.18 and a 200-day simple moving average of $2.72.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.06). Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The firm had revenue of $14.02 million for the quarter, compared to analysts' expectations of $14.01 million. During the same quarter last year, the business earned ($0.06) earnings per share. The company's revenue was down 39.7% compared to the same quarter last year. Sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Activity

In related news, Director Gary Kent Wunderlich, Jr. sold 32,366 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $4.75, for a total value of $153,738.50. Following the sale, the director now owns 395,224 shares of the company's stock, valued at approximately $1,877,314. This trade represents a 7.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Moxam sold 75,000 shares of Navitas Semiconductor stock in a transaction that occurred 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 directly owns 792,848 shares in the company, valued at approximately $1,649,123.84. This represents a 8.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 920,752 shares of company stock worth $3,850,499 in the last 90 days. Corporate insiders own 31.80% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Navitas Semiconductor by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company's stock valued at $20,495,000 after buying an additional 123,598 shares during the last quarter. Geode Capital Management LLC raised its position in Navitas Semiconductor by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company's stock valued at $11,005,000 after buying an additional 113,277 shares during the last quarter. Invesco Ltd. raised its position in Navitas Semiconductor by 22.2% in the 1st 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. Bank of America Corp DE raised its position in Navitas Semiconductor by 180.5% in the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after buying an additional 794,371 shares during the last quarter. Finally, Northern Trust Corp raised its position in Navitas Semiconductor by 9.5% in the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock valued at $4,319,000 after buying an additional 104,906 shares during the last quarter. Institutional investors and hedge funds 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.

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