Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 4.6% - Here's Why

Key Points

• Navitas Semiconductor's stock price increased by 4.6% during trading, reaching a last price of $6.64 despite a significant drop in trading volume compared to average levels.
• Analysts have mixed opinions on the stock, with Deutsche Bank and Craig Hallum lowering their ratings to "hold" and setting target prices of $3.50 and $6.00, respectively, while Needham & Company LLC raised its target to $8.00.
• For the latest quarter, Navitas reported a revenue of $14.49 million, with a year-over-year decline of 29.2%, and a consensus estimate for the current year predicts an EPS of -0.51.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s stock price traded up 4.6% during trading on Thursday . The stock traded as high as $6.96 and last traded at $6.64. 10,316,957 shares changed hands during trading, a decline of 54% from the average session volume of 22,247,381 shares. The stock had previously closed at $6.35.

Analyst Ratings Changes

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

Navitas Semiconductor Price Performance

The firm has a market capitalization of $1.42 billion, a PE ratio of -10.25 and a beta of 3.02. The firm's fifty day moving average is $6.99 and its two-hundred day moving average is $4.10.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). Navitas Semiconductor had a negative net margin of 182.63% and a negative return on equity of 18.16%. The business had revenue of $14.49 million for the quarter, compared to analysts' expectations of $14.43 million. During the same period in the previous year, the company earned ($0.07) earnings per share. The firm's revenue for the quarter was down 29.2% compared to the same quarter last year. As a group, equities research analysts predict that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Insider Transactions at Navitas Semiconductor

In other Navitas Semiconductor news, CFO Todd Glickman sold 532,342 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total value of $2,390,215.58. Following the transaction, the chief financial officer directly owned 234,501 shares in the company, valued at $1,052,909.49. The trade was a 69.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Long sold 2,955,509 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $6.61, for a total transaction of $19,535,914.49. Following the completion of the transaction, the director owned 5,920,991 shares in the company, valued at approximately $39,137,750.51. The trade was a 33.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,084,600 shares of company stock valued at $99,761,157. Corporate insiders own 29.90% of the company's stock.

Institutional Trading of Navitas Semiconductor

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Navitas Semiconductor by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company's stock valued at $20,495,000 after buying an additional 123,598 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Navitas Semiconductor by 3.9% during the 2nd quarter. Geode Capital Management LLC now owns 3,340,193 shares of the company's stock valued at $21,882,000 after buying an additional 124,594 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after buying an additional 331,832 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Navitas Semiconductor by 180.5% during the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after buying an additional 794,371 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Navitas Semiconductor by 9.5% during the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock valued at $4,319,000 after buying an additional 104,906 shares in the last quarter. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.