Navitas Semiconductor (NASDAQ:NVTS) Trading Up 2% - Time to Buy?

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) were up 2% during trading on Thursday . The stock traded as high as $7.20 and last traded at $7.00. Approximately 29,335,829 shares changed hands during mid-day trading, an increase of 160% from the average daily volume of 11,268,276 shares. The stock had previously closed at $6.86.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NVTS. Needham & Company LLC reduced 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. Deutsche Bank Aktiengesellschaft downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target for the company. in a report on Tuesday. Robert W. Baird dropped 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. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Rosenblatt Securities lifted their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $3.71.

Navitas Semiconductor Trading Up 0.1%

The stock's 50-day moving average is $3.91 and its 200-day moving average is $3.27. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -13.48 and a beta of 2.96.

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

Insider Transactions at Navitas Semiconductor

In other Navitas Semiconductor news, major shareholder Sicpower, Llc sold 8,500 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $6.53, for a total transaction of $55,505.00. Following the completion of the sale, the insider now owns 24,874,661 shares in the company, valued at $162,431,536.33. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Moxam sold 75,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $2.08, for a total value of $156,000.00. Following the completion of the transaction, the director now directly owns 792,848 shares in the company, valued at approximately $1,649,123.84. The trade was a 8.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,084,600 shares of company stock valued at $99,761,157 over the last quarter. Company insiders own 29.90% of the company's stock.

Institutional Trading of Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in NVTS. Compass Capital Corp MA ADV bought a new stake in shares of Navitas Semiconductor in the 4th quarter worth about $553,000. Edge Capital Group LLC bought a new stake in shares of Navitas Semiconductor in the 4th quarter valued at approximately $987,000. Bank of New York Mellon Corp raised its position in shares of Navitas Semiconductor by 27.6% during the 4th quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock valued at $1,780,000 after acquiring an additional 107,828 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Navitas Semiconductor during the 4th quarter valued at approximately $66,000. Finally, Charles Schwab Investment Management Inc. lifted 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 last quarter. Institutional investors and hedge funds 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.