Navitas Semiconductor (NASDAQ:NVTS) Trading 1.5% Higher - Time to Buy?

Key Points

• Navitas Semiconductor saw its stock price increase by 1.5% to $7.07, while experiencing a significant decline in trading volume of 64% compared to the average.
• Analysts have mixed opinions on NVTS, with target price changes ranging from $3.50 to $8.00 and an average rating of "Hold," indicating cautious sentiment among market experts.
• Insider trading activity has been notable, with significant share sales by CEO Eugene Sheridan and Director Brian Long, indicating a 34.10% and 18.84% decrease in their ownership respectively.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s stock price traded up 1.5% during trading on Wednesday . The company traded as high as $7.34 and last traded at $7.07. 7,934,234 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 22,166,961 shares. The stock had previously closed at $6.96.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NVTS. Rosenblatt Securities dropped 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 note on Tuesday, August 5th. Craig Hallum cut shares of 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. Morgan Stanley set a $4.40 target price on shares of Navitas Semiconductor in a research report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft cut Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective for the company. in a research note on Tuesday, June 17th. Finally, Needham & Company LLC lifted their price objective on Navitas Semiconductor from $3.00 to $8.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. One equities 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. According to MarketBeat.com, Navitas Semiconductor has an average rating of "Hold" and a consensus price target of $5.65.

Navitas Semiconductor Stock Up 5.7%

The company's fifty day simple moving average is $7.03 and its two-hundred day simple moving average is $4.14. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -11.32 and a beta of 3.02.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its 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 company had revenue of $14.49 million for the quarter, compared to analyst estimates of $14.43 million. During the same period last year, the business posted ($0.07) earnings per share. The business's revenue for the quarter was down 29.2% compared to the same quarter last year. Equities research analysts expect that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Insider Activity at Navitas Semiconductor

In related news, CEO Eugene Sheridan sold 238,668 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $7.50, for a total value of $1,790,010.00. Following the completion of the transaction, the chief executive officer owned 461,332 shares of the company's stock, valued at approximately $3,459,990. This trade represents a 34.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Long sold 1,026,227 shares of the firm's stock in a transaction on 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 completion of the transaction, the director directly owned 4,420,991 shares of the company's stock, valued at approximately $35,058,458.63. This trade represents a 18.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,084,600 shares of company stock valued at $99,761,157 over the last three months. Insiders own 29.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. OMERS ADMINISTRATION Corp bought a new stake in Navitas Semiconductor in the 2nd quarter valued at $160,000. New York State Common Retirement Fund boosted its position in shares of Navitas Semiconductor by 102.7% in the second quarter. New York State Common Retirement Fund now owns 40,255 shares of the company's stock valued at $264,000 after acquiring an additional 20,400 shares during the period. Laidlaw Wealth Management LLC boosted its position in shares of Navitas Semiconductor by 21.8% in the second quarter. Laidlaw Wealth Management LLC now owns 22,316 shares of the company's stock valued at $146,000 after acquiring an additional 4,000 shares during the period. XTX Topco Ltd bought a new stake in shares of Navitas Semiconductor in the second quarter valued at about $231,000. Finally, CreativeOne Wealth LLC bought a new stake in shares of Navitas Semiconductor in the second quarter valued at about $139,000. 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.

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