Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up - Time to Buy?

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s share price gapped up before the market opened 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 trading hands.

Wall Street Analyst Weigh In

NVTS has been the topic of a number of research reports. Morgan Stanley downgraded 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. Rosenblatt Securities boosted their target price on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Needham & Company LLC dropped their target price 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. Finally, Robert W. Baird dropped their target price 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. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Price Performance

The stock has a market capitalization of $976.30 million, a PE ratio of -12.12 and a beta of 2.24. The business's fifty day moving average price is $2.38 and its 200-day moving average price is $2.80.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly 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 net margin of 84.61% and a negative return on equity of 23.64%. The firm had revenue of $14.02 million for the quarter, compared to the consensus estimate of $14.01 million. During the same period in the prior year, the firm posted ($0.06) earnings per share. The company's revenue for the quarter was down 39.7% on a year-over-year basis. On average, analysts expect that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Transactions at Navitas Semiconductor

In related news, CFO Todd Glickman sold 532,342 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total value of $2,390,215.58. Following the sale, the chief financial officer now directly owns 234,501 shares of the company's stock, valued at $1,052,909.49. This trade represents a 69.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Brian Long sold 47,189 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $2.36, for a total transaction of $111,366.04. Following the completion of the sale, the director now directly owns 31,460 shares in the company, valued at $74,245.60. This represents a 60.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,478,587 shares of company stock valued at $22,447,680. 31.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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.