Navitas Semiconductor (NASDAQ:NVTS) Trading 4.8% Higher - Here's What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s stock price traded up 4.8% during mid-day trading on Monday . The company traded as high as $7.99 and last traded at $7.68. 25,694,870 shares were traded during trading, an increase of 136% from the average session volume of 10,906,427 shares. The stock had previously closed at $7.32.

Analysts Set New Price Targets

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

Navitas Semiconductor Trading Down 1.8%

The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -17.12 and a beta of 2.96. The stock has a 50-day moving average of $3.50 and a two-hundred day moving average of $3.16.

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

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Ranbir Singh sold 21,782 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $8.53, for a total transaction of $185,800.46. Following the completion of the sale, the director now directly owns 19,214,053 shares in the company, valued at approximately $163,895,872.09. This trade represents a 0.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Sicpower, Llc sold 8,500 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $6.53, for a total value of $55,505.00. Following the sale, the insider now owns 24,874,661 shares of the company's stock, valued at $162,431,536.33. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,136,189 shares of company stock worth $99,883,743. 29.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Several large investors have recently made changes to their positions in NVTS. Bank of America Corp DE increased its position in 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 buying an additional 794,371 shares during the period. Invesco Ltd. boosted its position in shares of Navitas Semiconductor by 22.2% in the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after acquiring an additional 331,832 shares during the period. Nuveen LLC bought a new stake in shares of Navitas Semiconductor in the first quarter valued at approximately $675,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Navitas Semiconductor in the fourth quarter valued at approximately $1,170,000. Finally, Edge Capital Group LLC bought a new stake in shares of Navitas Semiconductor in the fourth quarter valued at approximately $987,000. Institutional investors own 46.14% of the company's stock.

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.