Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 1.3% - What's Next?

Key Points

• Navitas Semiconductor's stock rose by 1.3% to $6.69, but experienced a significant decrease in trading volume, dropping 80% from its average session volume.
• Wall Street analysts provide a mixed outlook for NVTS, with a consensus rating of "Hold" and a target price averaging $5.65, amidst various analysts' price target adjustments.
• Recent insider sales have been notable, with insiders selling over 15 million shares worth nearly $100 million, indicating reduced confidence among company executives.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s stock price traded up 1.3% during mid-day trading on Tuesday . The company traded as high as $6.66 and last traded at $6.69. 4,477,043 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 22,184,957 shares. The stock had previously closed at $6.60.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on NVTS shares. Morgan Stanley set a $4.40 price objective on shares of Navitas Semiconductor in a report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft lowered Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 target price for the company. in a report on Tuesday, June 17th. Craig Hallum downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price objective on the stock. in a research note on Tuesday, August 5th. Rosenblatt Securities dropped their target price on shares of Navitas Semiconductor from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Tuesday, August 5th. Finally, Needham & Company LLC lifted their price target on shares of Navitas Semiconductor from $3.00 to $8.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Navitas Semiconductor has a consensus rating of "Hold" and an average price target of $5.65.

Navitas Semiconductor Stock Performance

The stock has a 50 day moving average of $7.01 and a two-hundred day moving average of $4.13. The firm has a market capitalization of $1.47 billion, a P/E ratio of -10.62 and a beta of 3.02.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $14.49 million for the quarter, compared to the consensus estimate of $14.43 million. Navitas Semiconductor had a negative net margin of 182.63% and a negative return on equity of 18.16%. The business's quarterly revenue was down 29.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.07) EPS. Sell-side analysts predict that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Insiders Place Their Bets

In other news, Director Gary Kent Wunderlich, Jr. sold 45,219 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $8.11, for a total value of $366,726.09. Following the completion of the transaction, the director owned 243,216 shares in the company, valued at approximately $1,972,481.76. This represents a 15.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Brian Long sold 1,026,227 shares of Navitas Semiconductor stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $7.93, for a total transaction of $8,137,980.11. Following the sale, the director owned 4,420,991 shares in the company, valued at approximately $35,058,458.63. This trade represents a 18.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,084,600 shares of company stock valued at $99,761,157 in the last quarter. 29.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently added to or reduced their stakes in the stock. Cranbrook Wealth Management LLC bought a new stake in Navitas Semiconductor in the second quarter valued at $25,000. ST Germain D J Co. Inc. bought a new position in Navitas Semiconductor during the 2nd quarter valued at about $33,000. PNC Financial Services Group Inc. increased its holdings in shares of Navitas Semiconductor by 1,510.4% during the second quarter. PNC Financial Services Group Inc. now owns 7,424 shares of the company's stock worth $49,000 after buying an additional 6,963 shares in the last quarter. Caption Management LLC bought a new stake in Navitas Semiconductor during the 4th quarter worth approximately $36,000. Finally, HighMark Wealth Management LLC bought a new stake in shares of Navitas Semiconductor during the second quarter worth $66,000. 46.14% of the stock is owned by institutional investors and hedge funds.

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.

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.