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

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.35, but opened at $7.64. Navitas Semiconductor shares last traded at $7.31, with a volume of 10,024,322 shares trading hands.

Analyst Upgrades and Downgrades

NVTS has been the subject of several recent research reports. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their target price for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Needham & Company LLC decreased their price objective on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft lowered Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 target price on the stock. in a report on Tuesday, June 17th. Rosenblatt Securities upped their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Robert W. Baird cut their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $3.71.

Navitas Semiconductor Price Performance

The firm has a market capitalization of $1.27 billion, a P/E ratio of -12.71 and a beta of 2.96. The business has a 50 day moving average price of $4.32 and a 200 day moving average price of $3.35.

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

Insider Activity at Navitas Semiconductor

In related news, Director Ranbir Singh sold 21,782 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $8.53, for a total value of $185,800.46. Following the completion of the sale, the director now owns 19,214,053 shares in the company, valued at approximately $163,895,872.09. This trade represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Moxam sold 75,000 shares of the business's stock in a transaction dated 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 owns 792,848 shares in the company, valued at $1,649,123.84. This represents a 8.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,084,600 shares of company stock worth $99,761,157 in the last ninety days. 29.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its holdings in Navitas Semiconductor by 180.5% in 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 buying an additional 794,371 shares during the period. Invesco Ltd. raised its position in Navitas Semiconductor by 22.2% in the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock worth $3,751,000 after purchasing an additional 331,832 shares in the last quarter. Nuveen LLC acquired a new stake in Navitas Semiconductor during the first quarter valued at approximately $675,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Navitas Semiconductor in the 4th quarter valued at approximately $1,170,000. Finally, SCS Capital Management LLC acquired a new position in shares of Navitas Semiconductor in the 1st quarter worth approximately $567,000. 46.14% of the stock is owned by institutional investors.

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.