Navitas Semiconductor (NASDAQ:NVTS) Trading Up 2% - Here's What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s share price shot up 2% during trading on Thursday . The stock traded as high as $6.44 and last traded at $6.45. 6,649,475 shares changed hands during trading, a decline of 46% from the average session volume of 12,332,023 shares. The stock had previously closed at $6.32.

Wall Street Analysts Forecast Growth

NVTS has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target for the company. in a research report on Tuesday, June 17th. Morgan Stanley lowered shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Needham & Company LLC dropped their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities increased their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Price Performance

The business's fifty day simple moving average is $4.86 and its 200 day simple moving average is $3.47. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -12.35 and a beta of 3.01.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting 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 business had revenue of $14.02 million during the quarter, compared to analyst estimates of $14.01 million. During the same period in the previous year, the business posted ($0.06) EPS. The company's quarterly revenue was down 39.7% on a year-over-year basis. As a group, equities analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Insider Activity at Navitas Semiconductor

In related news, Director David Moxam sold 714,199 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $6.50, for a total value of $4,642,293.50. Following the sale, the director owned 78,649 shares of the company's stock, valued at approximately $511,218.50. This trade represents a 90.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eugene Sheridan sold 2,155,783 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $4.49, for a total value of $9,679,465.67. The disclosure for this sale can be found here. In the last three months, insiders sold 15,084,600 shares of company stock valued at $99,761,157. 29.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Several institutional investors have recently modified their holdings of the company. Goodman Financial Corp acquired a new position in Navitas Semiconductor during the 4th quarter valued at about $36,000. Caption Management LLC bought a new stake in shares of Navitas Semiconductor during the fourth quarter valued at approximately $36,000. Tower Research Capital LLC TRC boosted its position in shares of Navitas Semiconductor by 125.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock worth $37,000 after buying an additional 5,726 shares during the period. Steel Grove Capital Advisors LLC acquired a new position in shares of Navitas Semiconductor during the fourth quarter worth approximately $39,000. Finally, Cibc World Markets Corp bought a new position in Navitas Semiconductor in the 4th quarter worth approximately $42,000. 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.