Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up - Still a Buy?

Key Points

• Navitas Semiconductor shares opened higher, rising from a previous close of $8.34 to $8.84 before trading at approximately $8.65.
• Analyst sentiment is mixed, with two Buy, two Hold and two Sell ratings; the consensus is Hold with an average price target of $15.92.
• The company met quarterly EPS expectations at a loss of $0.04 but reported revenue of $10.53 million, up from estimates yet down 27.3% year over year; institutional investors own 46.14% of the stock.

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) gapped up before the market opened on Monday. The stock had previously closed at $8.34, but opened at $8.84. Navitas Semiconductor shares last traded at $8.6540, with a volume of 2,296,547 shares.

Analyst Ratings Changes

A number of research firms have weighed in on NVTS. Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Jefferies Financial Group set a $13.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Morgan Stanley reissued an "underweight" rating and set a $12.60 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Finally, Wall Street Zen cut shares of Navitas Semiconductor from a "hold" rating to a "sell" rating in a report on Saturday, October 3rd. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $15.92.

Navitas Semiconductor Stock Up 5.7%

The stock has a market cap of $2.30 billion, a PE ratio of -6.63 and a beta of 3.96. The firm has a 50-day simple moving average of $11.82 and a 200-day simple moving average of $15.25.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.04). Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%. The company had revenue of $10.53 million for the quarter, compared to analyst estimates of $9.97 million. During the same period in the previous year, the company posted ($0.25) EPS. The firm's revenue for the quarter was down 27.3% compared to the same quarter last year. On average, research analysts expect that Navitas Semiconductor Corporation will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds have recently bought and sold shares of the company. Vontobel Holding Ltd. grew its position in Navitas Semiconductor by 22.4% during the third quarter. Vontobel Holding Ltd. now owns 17,362 shares of the company's stock valued at $202,000 after acquiring an additional 3,177 shares during the last quarter. Fortitude Advisory Group L.L.C. boosted its stake in shares of Navitas Semiconductor by 20.0% in the 3rd quarter. Fortitude Advisory Group L.L.C. now owns 19,910 shares of the company's stock valued at $231,000 after purchasing an additional 3,315 shares in the last quarter. Lodestone Wealth Management LLC boosted its stake in shares of Navitas Semiconductor by 12.7% in the 3rd quarter. Lodestone Wealth Management LLC now owns 18,772 shares of the company's stock valued at $218,000 after purchasing an additional 2,115 shares in the last quarter. GAMMA Investing LLC lifted its stake in Navitas Semiconductor by 23.6% in the third quarter. GAMMA Investing LLC now owns 7,117 shares of the company's stock worth $83,000 after purchasing an additional 1,359 shares during the last quarter. Finally, Private Capital Advisors Inc. purchased a new position in shares of Navitas Semiconductor in the third quarter worth about $149,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

About Navitas Semiconductor

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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