Navitas Semiconductor (NASDAQ:NVTS) Trading Up 23.3% - Should You Buy?

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shot up 23.3% on Monday . The stock traded as high as $7.62 and last traded at $7.62. 58,025,816 shares traded hands during trading, an increase of 522% from the average session volume of 9,325,055 shares. The stock had previously closed at $6.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on NVTS shares. Rosenblatt Securities raised their price objective 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. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their price objective for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Robert W. Baird dropped their target price on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 5th. Finally, Needham & Company LLC cut their target price on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Navitas Semiconductor currently has a consensus rating of "Moderate Buy" and an average price target of $3.79.

Navitas Semiconductor Stock Performance

The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -18.32 and a beta of 2.96. The company has a 50-day simple moving average of $2.79 and a two-hundred day simple moving average of $2.95.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting 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 firm had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same period in the prior year, the firm posted ($0.06) earnings per share. The company's quarterly revenue was down 39.7% compared to the same quarter last year. As a group, sell-side analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Navitas Semiconductor news, major shareholder Sicpower, Llc sold 8,500 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $6.53, for a total transaction of $55,505.00. Following the transaction, the insider now owns 24,874,661 shares in the company, valued at $162,431,536.33. This represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eugene Sheridan sold 2,155,783 shares of Navitas Semiconductor stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $4.49, for a total transaction of $9,679,465.67. The disclosure for this sale can be found here. Insiders have sold 9,531,933 shares of company stock worth $56,140,270 in the last 90 days. Company insiders own 29.90% of the company's stock.

Institutional Trading of Navitas Semiconductor

Several large investors have recently modified their holdings of NVTS. Compass Capital Corp MA ADV acquired a new stake in Navitas Semiconductor during the fourth quarter worth about $553,000. Edge Capital Group LLC bought a new position in Navitas Semiconductor in the fourth quarter valued at approximately $987,000. Bank of New York Mellon Corp raised its position in Navitas Semiconductor by 27.6% during the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock valued at $1,780,000 after purchasing an additional 107,828 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Navitas Semiconductor during the fourth quarter worth $66,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Navitas Semiconductor by 7.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company's stock valued at $3,737,000 after purchasing an additional 76,870 shares during the last quarter. 46.14% of the stock is owned by institutional investors and hedge funds.

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.

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