Navitas Semiconductor (NASDAQ:NVTS) Shares Up 9% - Here's What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s share price traded up 9% on Tuesday . The company traded as high as $7.20 and last traded at $7.11. 18,369,860 shares were traded during trading, an increase of 59% from the average session volume of 11,557,502 shares. The stock had previously closed at $6.52.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft downgraded 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, June 17th. Robert W. Baird dropped 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 reduced their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Morgan Stanley cut shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Finally, Rosenblatt Securities boosted their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Navitas Semiconductor currently has a consensus rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Trading Up 12.7%

The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -14.13 and a beta of 2.96. The company has a 50 day moving average of $4.11 and a 200 day moving average of $3.31.

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

Insider Buying and Selling at Navitas Semiconductor

In related news, Director Brian Long sold 2,955,509 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $6.61, for a total value of $19,535,914.49. Following the transaction, the director now owns 5,920,991 shares in the company, valued at $39,137,750.51. This trade represents a 33.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eugene Sheridan sold 2,155,783 shares of the company's stock in a transaction dated 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. In the last 90 days, insiders sold 15,084,600 shares of company stock worth $99,761,157. 29.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Navitas Semiconductor

Several institutional investors and hedge funds have recently made changes to their positions in the business. American Century Companies Inc. grew its stake in shares of Navitas Semiconductor by 52.7% during the fourth quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock worth $56,000 after purchasing an additional 5,419 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Navitas Semiconductor by 125.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock worth $37,000 after buying an additional 5,726 shares during the last quarter. 180 Wealth Advisors LLC grew its position in shares of 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 buying an additional 6,920 shares during the period. Goodman Financial Corp bought a new stake in shares of Navitas Semiconductor in the 4th quarter valued at about $36,000. Finally, Caption Management LLC acquired a new stake in shares of Navitas Semiconductor in the 4th quarter valued at approximately $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.