Navitas Semiconductor (NASDAQ:NVTS) Shares Up 1.6% - Should You Buy?

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares rose 1.6% on Friday . The company traded as high as $6.56 and last traded at $6.42. Approximately 15,163,296 shares changed hands during mid-day trading, an increase of 22% from the average daily volume of 12,398,116 shares. The stock had previously closed at $6.32.

Analysts Set New Price Targets

NVTS has been the subject of a number of analyst reports. 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 research report on Tuesday, May 6th. Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Deutsche Bank Aktiengesellschaft downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target on the stock. in a research report on Tuesday, June 17th. Finally, Rosenblatt Securities upped their target price on Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $3.71.

Navitas Semiconductor Price Performance

The firm has a market capitalization of $1.23 billion, a PE ratio of -12.35 and a beta of 3.01. The company's fifty day simple moving average is $4.77 and its 200-day simple moving average is $3.45.

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

Insider Transactions at Navitas Semiconductor

In other news, CEO Eugene Sheridan sold 2,155,783 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $4.49, for a total value of $9,679,465.67. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Ranbir Singh sold 2,339,042 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $7.43, for a total transaction of $17,379,082.06. Following the completion of the transaction, the director directly owned 20,051,000 shares in the company, valued at approximately $148,978,930. This represents a 10.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,084,600 shares of company stock valued at $99,761,157. Company insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently modified their holdings of NVTS. Bank of New York Mellon Corp lifted its stake in shares of Navitas Semiconductor by 27.6% in the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock worth $1,780,000 after buying an additional 107,828 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Navitas Semiconductor during the fourth quarter worth about $66,000. Charles Schwab Investment Management Inc. raised its stake in Navitas Semiconductor by 7.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company's stock worth $3,737,000 after purchasing an additional 76,870 shares during the period. Raymond James Financial Inc. purchased a new position in Navitas Semiconductor during the fourth quarter worth about $44,000. Finally, Prosperity Wealth Management Inc. purchased a new position in Navitas Semiconductor during the fourth quarter worth about $186,000. 46.14% of the stock is owned by hedge funds and other 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.

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