Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 8.8% - Here's What Happened

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shot up 8.8% during mid-day trading on Friday . The company traded as high as $6.80 and last traded at $6.82. 21,243,482 shares were traded during mid-day trading, an increase of 63% from the average session volume of 13,017,292 shares. The stock had previously closed at $6.27.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NVTS. Rosenblatt Securities increased their target price on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. 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 report on Tuesday, June 17th. Needham & Company LLC dropped their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Navitas Semiconductor presently has an average rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Stock Up 8.3%

The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -13.06 and a beta of 3.01. The company's fifty day moving average is $5.72 and its 200 day moving average is $3.65.

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

Insider Activity

In related news, Director Ranbir Singh sold 21,782 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $8.53, for a total transaction of $185,800.46. Following the transaction, the director owned 19,214,053 shares in the company, valued at $163,895,872.09. The trade was a 0.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eugene Sheridan sold 238,668 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $7.50, for a total transaction of $1,790,010.00. Following the transaction, the chief executive officer owned 461,332 shares in the company, valued at $3,459,990. The trade was a 34.10% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,084,600 shares of company stock worth $99,761,157. Company insiders own 29.90% of the company's stock.

Institutional Trading of Navitas Semiconductor

Institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its stake in Navitas Semiconductor by 180.5% in the fourth 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 in the last quarter. Invesco Ltd. grew its holdings in shares of 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 during the last quarter. Nuveen LLC bought a new stake in Navitas Semiconductor in the first quarter valued at $675,000. Susquehanna Fundamental Investments LLC purchased a new position in Navitas Semiconductor during the 4th quarter valued at $1,170,000. Finally, SCS Capital Management LLC purchased a new position in Navitas Semiconductor during the 1st quarter valued at $567,000. 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.