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

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $5.87, but opened at $6.25. Navitas Semiconductor shares last traded at $6.27, with a volume of 10,029,298 shares changing hands.

Analysts Set New Price Targets

A number of research firms have weighed in on NVTS. Morgan Stanley cut 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 note on Monday, April 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 target price for the company. in a research note on Tuesday, June 17th. Needham & Company LLC reduced their target price 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 lifted their target price 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 equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $3.71.

Navitas Semiconductor Price Performance

The firm's 50 day moving average is $5.62 and its 200 day moving average is $3.63. The company has a market cap of $1.24 billion, a PE ratio of -12.59 and a beta of 3.01.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. Navitas Semiconductor had a negative net margin of 131.83% and a negative return on equity of 22.62%. Navitas Semiconductor's revenue for the quarter was down 39.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.06) earnings per share. As a group, analysts anticipate that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Insider Transactions at Navitas Semiconductor

In other news, CEO Eugene Sheridan sold 2,155,783 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $4.49, for a total value of $9,679,465.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Moxam sold 714,199 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $6.50, for a total transaction of $4,642,293.50. Following the completion of the sale, the director directly owned 78,649 shares of the company's stock, valued at $511,218.50. This trade represents a 90.08% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,084,600 shares of company stock worth $99,761,157. Company insiders own 29.90% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

Several institutional investors have recently added to or reduced their stakes in NVTS. Cranbrook Wealth Management LLC purchased a new stake in Navitas Semiconductor during the 2nd quarter valued at $25,000. Simplicity Wealth LLC purchased a new stake in Navitas Semiconductor during the 1st quarter valued at $26,000. Larson Financial Group LLC purchased a new stake in Navitas Semiconductor during the 1st quarter valued at $28,000. Benjamin Edwards Inc. purchased a new stake in Navitas Semiconductor during the 1st quarter valued at $31,000. Finally, ST Germain D J Co. Inc. purchased a new stake in Navitas Semiconductor during the 2nd quarter valued at $33,000. Hedge funds and other institutional investors 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.