Navitas Semiconductor (NASDAQ:NVTS) Trading Up 14.2% - What's Next?

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shares rose 14.2% during trading on Wednesday . The stock traded as high as $6.71 and last traded at $6.79. Approximately 38,885,475 shares traded hands during trading, an increase of 363% from the average daily volume of 8,395,521 shares. The stock had previously closed at $5.94.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. 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. Needham & Company LLC dropped their price objective on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. 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. Finally, Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $2.10 to $1.50 in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Price Performance

The firm's 50 day moving average is $2.71 and its 200 day moving average is $2.91. The company has a market cap of $1.16 billion, a PE ratio of -14.40 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) EPS for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. Navitas Semiconductor's revenue for the quarter was down 39.7% on a year-over-year basis. As a group, analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Insider Activity at Navitas Semiconductor

In other news, major shareholder Sicpower, Llc sold 484,619 shares of the company's stock in a transaction dated 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 sale, the insider now directly owns 24,390,042 shares of the company's stock, valued at $163,901,082.24. This represents a 1.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Todd Glickman sold 532,342 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total transaction of $2,390,215.58. Following the sale, the chief financial officer now directly owns 234,501 shares in the company, valued at $1,052,909.49. This trade represents a 69.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,478,587 shares of company stock worth $22,447,680 in the last three months. 31.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently bought and sold shares of NVTS. Northern Trust Corp lifted its stake in shares of Navitas Semiconductor by 9.5% in the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock worth $4,319,000 after purchasing an additional 104,906 shares during the period. Bank of America Corp DE lifted its stake in shares of Navitas Semiconductor by 180.5% in the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock worth $4,407,000 after purchasing an additional 794,371 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Navitas Semiconductor in the 4th quarter worth approximately $52,000. Bank of New York Mellon Corp lifted its stake in shares of Navitas Semiconductor by 27.6% in the 4th quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock worth $1,780,000 after purchasing an additional 107,828 shares during the period. Finally, Deutsche Bank AG raised its stake in Navitas Semiconductor by 72.8% during the 4th quarter. Deutsche Bank AG now owns 121,203 shares of the company's stock worth $433,000 after acquiring an additional 51,045 shares during the period. Institutional investors own 46.14% of the company's stock.

About Navitas Semiconductor

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.