Navitas Semiconductor (NASDAQ:NVTS) Trading 1.5% Higher - Here's What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s stock price was up 1.5% during trading on Wednesday . The stock traded as high as $6.60 and last traded at $6.37. Approximately 7,624,824 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 12,267,292 shares. The stock had previously closed at $6.27.

Analyst Ratings Changes

Several brokerages recently commented on NVTS. Rosenblatt Securities lifted their target price on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Needham & Company LLC reduced their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 target price on the stock. in a research report on Tuesday, June 17th. Robert W. Baird dropped their price target on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Finally, Morgan Stanley downgraded Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $2.10 to $1.50 in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Navitas Semiconductor presently has an average rating of "Moderate Buy" and a consensus target price of $3.71.

Navitas Semiconductor Stock Performance

The stock's fifty day simple moving average is $4.69 and its 200-day simple moving average is $3.43. The stock has a market cap of $1.23 billion, a P/E ratio of -12.35 and a beta of 3.01.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The business had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The firm's revenue for the quarter was down 39.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.06) earnings per share. As a group, equities research analysts forecast that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Ranbir Singh sold 2,339,042 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $7.43, for a total transaction of $17,379,082.06. Following the sale, the director directly owned 20,051,000 shares in the company, valued at approximately $148,978,930. The trade was a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Brian Long sold 2,955,509 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $6.61, for a total value of $19,535,914.49. Following the completion of the transaction, the director directly owned 5,920,991 shares of the company's stock, valued at $39,137,750.51. This represents a 33.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,084,600 shares of company stock worth $99,761,157 in the last ninety days. Insiders own 29.90% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its holdings in Navitas Semiconductor by 52.7% during the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock worth $56,000 after buying an additional 5,419 shares during the period. Tower Research Capital LLC TRC increased its position in Navitas Semiconductor by 125.4% during the 4th 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 period. 180 Wealth Advisors LLC raised its holdings in Navitas Semiconductor by 7.6% during the 1st quarter. 180 Wealth Advisors LLC now owns 97,602 shares of the company's stock worth $200,000 after purchasing an additional 6,920 shares during the last quarter. Goodman Financial Corp acquired a new stake in shares of Navitas Semiconductor during the fourth quarter worth $36,000. Finally, Caption Management LLC bought a new position in Navitas Semiconductor during the fourth quarter worth $36,000. 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.