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

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $8.09, but opened at $8.52. Navitas Semiconductor shares last traded at $8.17, with a volume of 34,805,948 shares.

Analyst Ratings Changes

NVTS has been the subject of a number of research reports. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. Robert W. Baird decreased their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC decreased their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities raised their price target 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. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Stock Down 0.8%

The business has a 50-day moving average price of $3.27 and a two-hundred day moving average price of $3.09. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -18.49 and a beta of 2.96.

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

Insider Activity

In related news, Director Gary Kent Wunderlich, Jr. sold 45,219 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $8.11, for a total transaction of $366,726.09. Following the sale, the director now owns 243,216 shares of the company's stock, valued at approximately $1,972,481.76. This represents a 15.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brian Long sold 47,189 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the sale, the director now directly owns 31,460 shares in the company, valued at approximately $74,245.60. The trade was a 60.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,936,189 shares of company stock valued at $82,225,986 in the last 90 days. Insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. grew its position in Navitas Semiconductor by 52.7% during the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock worth $56,000 after acquiring an additional 5,419 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Navitas Semiconductor by 125.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock valued at $37,000 after acquiring an additional 5,726 shares in the last quarter. 180 Wealth Advisors LLC lifted its stake in shares of Navitas Semiconductor by 7.6% in the 1st quarter. 180 Wealth Advisors LLC now owns 97,602 shares of the company's stock valued at $200,000 after purchasing an additional 6,920 shares during the period. Goodman Financial Corp purchased a new position in shares of Navitas Semiconductor in the 4th quarter valued at approximately $36,000. Finally, Caption Management LLC purchased a new position in Navitas Semiconductor during the fourth quarter valued at $36,000. 46.14% of the stock is currently owned by 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.