Navitas Semiconductor (NASDAQ:NVTS) Shares Up 3.7% - Here's Why

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares shot up 3.7% during trading on Wednesday . The stock traded as high as $7.20 and last traded at $7.12. 14,543,361 shares traded hands during trading, an increase of 30% from the average session volume of 11,174,375 shares. The stock had previously closed at $6.86.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Rosenblatt Securities lifted their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Robert W. Baird decreased their price target 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. Needham & Company LLC decreased their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price target for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target on the stock. in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Trading Up 2.0%

The business's 50 day moving average price is $3.80 and its two-hundred day moving average price is $3.24. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -13.46 and a beta of 2.96.

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

Insider Buying and Selling

In other Navitas Semiconductor news, Director Ranbir Singh sold 16,377 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $6.43, for a total transaction of $105,304.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Sicpower, Llc sold 8,500 shares of the company's stock in a transaction 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 completion of the sale, the insider now directly owns 24,874,661 shares in the company, valued at approximately $162,431,536.33. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,131,789 shares of company stock valued at $99,872,523 over the last 90 days. 29.90% of the stock is owned by insiders.

Institutional Trading of Navitas Semiconductor

A number of institutional investors have recently bought and sold shares of the company. Simplicity Wealth LLC acquired a new stake in shares of Navitas Semiconductor during the 1st quarter worth approximately $26,000. Larson Financial Group LLC bought a new position in Navitas Semiconductor during the 1st quarter valued at $28,000. Benjamin Edwards Inc. purchased a new position in Navitas Semiconductor during the first quarter worth about $31,000. Goodman Financial Corp purchased a new position in shares of Navitas Semiconductor in the 4th quarter worth approximately $36,000. Finally, Caption Management LLC purchased a new position in Navitas Semiconductor in the fourth quarter worth $36,000. 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.