Navitas Semiconductor (NASDAQ:NVTS) Trading Up 3.3% - Here's What Happened

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shot up 3.3% during trading on Monday . The company traded as high as $5.46 and last traded at $5.27. 23,342,018 shares were traded during mid-day trading, an increase of 202% from the average session volume of 7,730,585 shares. The stock had previously closed at $5.10.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NVTS. Needham & Company LLC decreased their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Robert W. Baird decreased their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley lowered shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Rosenblatt Securities increased their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Stock Performance

The company has a 50-day moving average of $2.53 and a 200 day moving average of $2.85. The firm has a market cap of $1.14 billion, a P/E ratio of -14.14 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.06). Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The company had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. During the same period last year, the business earned ($0.06) earnings per share. The business's revenue was down 39.7% on a year-over-year basis. Sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In other news, major shareholder Sicpower, Llc sold 484,619 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $6.72, for a total value of $3,256,639.68. Following the completion of the transaction, the insider now owns 24,390,042 shares in the company, valued at approximately $163,901,082.24. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David Moxam sold 714,199 shares of Navitas Semiconductor stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $6.50, for a total value of $4,642,293.50. Following the completion of the transaction, the director now owns 78,649 shares of the company's stock, valued at approximately $511,218.50. The trade was a 90.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,478,587 shares of company stock worth $22,447,680 over the last ninety days. Corporate insiders own 31.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Goodman Financial Corp acquired a new stake in Navitas Semiconductor in 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 grew its stake 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 valued at $37,000 after purchasing an additional 5,726 shares during the last quarter. Steel Grove Capital Advisors LLC acquired a new stake in shares of Navitas Semiconductor in the fourth quarter valued at approximately $39,000. Finally, Cibc World Markets Corp bought a new position in Navitas Semiconductor in the 4th quarter worth approximately $42,000. 46.14% of the stock is owned by 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.