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

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $6.79, but opened at $7.48. Navitas Semiconductor shares last traded at $8.69, with a volume of 22,398,229 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NVTS. Morgan Stanley cut shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Needham & Company LLC cut 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. Rosenblatt Securities increased their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft cut 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. 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's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $3.71.

Navitas Semiconductor Stock Performance

The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of -17.17 and a beta of 3.01. The company has a fifty day simple moving average of $5.72 and a 200 day simple moving average of $3.65.

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

Insider Transactions at Navitas Semiconductor

In other news, CFO Todd Glickman sold 532,342 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer owned 234,501 shares in the company, valued at $1,052,909.49. This 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 at this hyperlink. Also, Director Brian Long sold 2,955,509 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $6.61, for a total transaction of $19,535,914.49. Following the sale, the director owned 5,920,991 shares of the company's stock, valued at $39,137,750.51. This trade represents a 33.30% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,084,600 shares of company stock valued at $99,761,157. Corporate insiders own 29.90% of the company's stock.

Institutional Trading of Navitas Semiconductor

A number of large investors have recently added to or reduced their stakes in the stock. Cranbrook Wealth Management LLC bought a new position in shares of Navitas Semiconductor in the second quarter valued at approximately $25,000. ST Germain D J Co. Inc. bought a new stake in shares of Navitas Semiconductor in the 2nd quarter worth approximately $33,000. American Century Companies Inc. lifted its holdings in shares of Navitas Semiconductor by 52.7% in 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 lifted its holdings in shares of Navitas Semiconductor by 125.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock worth $37,000 after acquiring an additional 5,726 shares during the last quarter. Finally, 180 Wealth Advisors LLC lifted its holdings 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 worth $200,000 after acquiring an additional 6,920 shares during the last quarter. 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.

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