Navitas Semiconductor (NASDAQ:NVTS) Trading 13% Higher - Here's What Happened

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) traded up 13% on Tuesday . The company traded as high as $6.33 and last traded at $6.24. 39,120,080 shares traded hands during trading, an increase of 388% from the average session volume of 8,012,022 shares. The stock had previously closed at $5.52.

Analysts Set New Price Targets

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

Navitas Semiconductor Stock Up 14.1%

The firm's fifty day moving average price is $2.63 and its 200 day moving average price is $2.88. The stock has a market cap of $1.30 billion, a PE 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) EPS for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $14.02 million for the quarter, compared to analysts' expectations of $14.01 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business's quarterly revenue was down 39.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.06) EPS. As a group, analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director Brian Long sold 47,189 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $2.36, for a total transaction of $111,366.04. Following the completion of the transaction, the director now owns 31,460 shares in the company, valued at $74,245.60. This trade represents a 60.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sicpower, Llc sold 484,619 shares of the company's stock in a transaction dated 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 sale, the insider now owns 24,390,042 shares in the company, valued at $163,901,082.24. This represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,478,587 shares of company stock valued at $22,447,680. Insiders own 31.80% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC raised its holdings in Navitas Semiconductor by 81.7% during the 4th quarter. SG Americas Securities LLC now owns 98,601 shares of the company's stock valued at $352,000 after buying an additional 44,340 shares during the period. Compass Capital Corp MA ADV purchased a new stake in shares of Navitas Semiconductor in the fourth quarter valued at $553,000. Edge Capital Group LLC purchased a new stake in shares of Navitas Semiconductor in the fourth quarter valued at $987,000. Bank of New York Mellon Corp lifted its holdings in shares of Navitas Semiconductor by 27.6% in the 4th quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock worth $1,780,000 after acquiring an additional 107,828 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Navitas Semiconductor during the 4th quarter worth about $66,000. Hedge funds and other 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.