Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up - Here's Why

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $5.52, but opened at $5.82. Navitas Semiconductor shares last traded at $5.89, with a volume of 19,729,269 shares trading hands.

Analyst Ratings Changes

A number of research firms have recently commented on NVTS. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Robert W. Baird lowered their target price on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Needham & Company LLC cut their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities lifted their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Navitas Semiconductor has a consensus rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Trading Up 14.1%

The firm has a 50 day moving average price of $2.63 and a two-hundred day moving average price of $2.88. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -16.14 and a beta of 2.24.

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 for the quarter, meeting 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 analysts' expectations of $14.01 million. During the same period in the previous year, the company posted ($0.06) earnings per share. Navitas Semiconductor's revenue was down 39.7% compared to the same quarter last year. As a group, research analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Activity

In other Navitas Semiconductor news, major shareholder Sicpower, Llc sold 484,619 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $6.72, for a total transaction of $3,256,639.68. Following the completion of the sale, the insider now owns 24,390,042 shares in the company, valued at $163,901,082.24. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Moxam sold 75,000 shares of the company's 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 transaction, the director now directly owns 792,848 shares of the company's stock, valued at $1,649,123.84. This trade represents a 8.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,478,587 shares of company stock valued at $22,447,680. Company insiders own 31.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NVTS. Vanguard Group Inc. lifted its stake in Navitas Semiconductor by 1.3% in the first 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 increased its holdings in shares of Navitas Semiconductor by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company's stock worth $11,005,000 after acquiring an additional 113,277 shares during the period. Invesco Ltd. lifted 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 purchasing an additional 331,832 shares during the last quarter. Bank of America Corp DE boosted its stake in Navitas Semiconductor by 180.5% during 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 purchasing an additional 794,371 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Navitas Semiconductor by 9.5% in the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock valued at $4,319,000 after purchasing an additional 104,906 shares during the period. 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.