Navitas Semiconductor (NASDAQ:NVTS) Shares Climb 8% - Here's Why

Key Points

• Navitas Semiconductor shares rose 8% to about $13.09 in Friday trading, though volume was roughly 80% below the stock’s average daily level.
• Analyst sentiment remains mixed: the stock has a consensus rating of “Hold” and an average price target of $15.92, with targets ranging from $12.60 to $21.00.
• The company matched quarterly EPS expectations at a loss of $0.04 and exceeded revenue estimates with $10.53 million, but revenue declined 27.3% year over year and profitability remained deeply negative.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares rose 8% on Friday. The company traded as high as $12.95 and last traded at $13.0920. Approximately 4,807,038 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 23,506,947 shares. The stock had previously closed at $12.12.

Analysts Set New Price Targets

A number of research firms have commented on NVTS. Weiss Ratings reissued a "sell (d-)" rating on shares of Navitas Semiconductor in a research note on Monday, September 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $21.00 price objective on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a research note on Tuesday, July 28th. Morgan Stanley restated an "underweight" rating and set a $12.60 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and set a $13.00 price target on shares of Navitas Semiconductor in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $15.92.

Navitas Semiconductor Trading Up 4.3%

The company's fifty day moving average is $12.01 and its 200 day moving average is $15.13. The company has a market cap of $3.30 billion, a P/E ratio of -9.52 and a beta of 3.96.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). Navitas Semiconductor had a negative net margin of 856.85% and a negative return on equity of 13.13%. The business had revenue of $10.53 million during the quarter, compared to the consensus estimate of $9.97 million. During the same period in the previous year, the firm posted ($0.25) earnings per share. The firm's revenue for the quarter was down 27.3% on a year-over-year basis. Analysts anticipate that Navitas Semiconductor Corporation will post -0.31 EPS for the current year.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc bought a new stake in shares of Navitas Semiconductor in the second quarter worth about $2,782,000. Jupiter Topco LLC bought a new position in Navitas Semiconductor during the 2nd quarter valued at approximately $1,649,000. Tidal Investments LLC lifted its holdings in Navitas Semiconductor by 161.2% in the 2nd quarter. Tidal Investments LLC now owns 1,132,184 shares of the company's stock worth $20,289,000 after buying an additional 698,683 shares during the period. Wellington Management Group LLP purchased a new stake in Navitas Semiconductor in the 2nd quarter worth approximately $16,757,000. Finally, Bank of New York Mellon Corp grew its position in shares of Navitas Semiconductor by 21.8% in the 1st quarter. Bank of New York Mellon Corp now owns 566,465 shares of the company's stock worth $4,968,000 after buying an additional 101,389 shares during the last quarter. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.

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