Navitas Semiconductor (NASDAQ:NVTS) Shares Up 4.2% - Should You Buy?

Key Points

• Navitas Semiconductor's shares increased by 4.2%, reaching $7.64, despite a significant drop in trading volume, down by 58% from the average.
• Analysts have mixed opinions: while Rosenblatt Securities raised their price target to $6.00, Morgan Stanley downgraded it to $1.50.
• Insider transactions included a large purchase by Director Ranbir Singh of nearly 18.6 million shares, while CFO Todd Glickman sold 100,000 shares, indicating active insider trading.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares rose 4.2% on Friday . The stock traded as high as $7.58 and last traded at $7.64. Approximately 9,064,768 shares were traded during trading, a decline of 58% from the average daily volume of 21,819,154 shares. The stock had previously closed at $7.33.

Wall Street Analyst Weigh In

Several brokerages have commented on NVTS. Rosenblatt Securities increased their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their price objective for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. Needham & Company LLC decreased 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, Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target on the stock. in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $3.71.

Navitas Semiconductor Price Performance

The firm has a market cap of $1.54 billion, a P/E ratio of -15.37 and a beta of 3.01. The company has a fifty day moving average of $6.73 and a 200-day moving average of $3.91.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced 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 firm had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The company's revenue was down 39.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.06) EPS. On average, sell-side analysts expect that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ranbir Singh purchased 18,645,603 shares of the stock in a transaction on Monday, July 28th. The stock was bought at an average price of $8.79 per share, with a total value of $163,894,850.37. Following the transaction, the director owned 18,645,603 shares in the company, valued at $163,894,850.37. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Todd Glickman sold 100,000 shares of Navitas Semiconductor stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $8.00, for a total value of $800,000.00. Following the completion of the transaction, the chief financial officer owned 134,501 shares of the company's stock, valued at approximately $1,076,008. This represents a 42.64% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,084,600 shares of company stock worth $99,761,157. 29.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NVTS. Cranbrook Wealth Management LLC acquired a new stake in Navitas Semiconductor in the second quarter valued at $25,000. ST Germain D J Co. Inc. purchased a new stake in Navitas Semiconductor in the 2nd quarter valued at approximately $33,000. Caption Management LLC acquired a new stake in shares of Navitas Semiconductor during the 4th quarter worth $36,000. HighMark Wealth Management LLC purchased a new stake in Navitas Semiconductor during the 2nd quarter worth $66,000. Finally, West Tower Group LLC purchased a new position in Navitas Semiconductor in the 2nd quarter valued at about $66,000. 46.14% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.