Navitas Semiconductor (NASDAQ:NVTS) Stock Jumps 10.6% - Time to Buy?

Key Points

• Navitas Semiconductor shares jumped 10.6% to about $8.77 during Tuesday trading, although volume was roughly 82% below its average session level.
• Analyst sentiment remains mixed: two analysts rate the stock Buy, one Hold and two Sell. The consensus rating is Hold, with an average price target of $15.92.
• Institutional investors own approximately 46.14% of the company, while Navitas develops gallium nitride and silicon carbide power semiconductor products for data centers, electric vehicles, chargers and other applications.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares shot up 10.6% during trading on Tuesday. The stock traded as high as $8.78 and last traded at $8.7690. Approximately 4,066,644 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 22,608,701 shares. The stock had previously closed at $7.93.

Wall Street Analysts Forecast Growth

NVTS has been the subject of a number of research analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Navitas Semiconductor in a research report on Monday, September 14th. Morgan Stanley reissued an "underweight" rating and set a $12.60 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Needham & Company LLC restated a "buy" rating and set a $21.00 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Rosenblatt Securities reissued a "neutral" rating and set a $13.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, September 29th. Finally, Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a research report on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $15.92.

Navitas Semiconductor Stock Performance

The company has a market cap of $2.31 billion, a PE ratio of -6.64 and a beta of 3.96. The company's 50-day simple moving average is $10.80 and its 200 day simple moving average is $13.24.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors and hedge funds have recently bought and sold shares of the stock. CenterBook Partners LP acquired a new stake in shares of Navitas Semiconductor in the third quarter valued at about $312,000. Kestra Advisory Services LLC increased its stake in shares of Navitas Semiconductor by 163.9% in the third quarter. Kestra Advisory Services LLC now owns 36,952 shares of the company's stock worth $429,000 after buying an additional 22,950 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Navitas Semiconductor by 25.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 52,483 shares of the company's stock valued at $609,000 after acquiring an additional 10,700 shares during the last quarter. Traynor Capital Management Inc. acquired a new position in Navitas Semiconductor during the 3rd quarter worth $125,000. Finally, ProShare Advisors LLC grew its holdings in Navitas Semiconductor by 24.9% during the 3rd quarter. ProShare Advisors LLC now owns 30,674 shares of the company's stock worth $356,000 after acquiring an additional 6,106 shares in the last quarter. 46.14% of the stock is owned by hedge funds and other institutional investors.

About Navitas Semiconductor

Navitas Semiconductor Corporation NASDAQ: NVTS develops power semiconductor technologies designed to improve the efficiency, performance and size of electronic systems. The company specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, which are used to convert and manage electrical power.

Its product portfolio includes GaNFast power ICs, GeneSiC silicon carbide products and related power-management solutions. These technologies are used in applications such as mobile and consumer chargers, data centers, solar inverters, electric vehicles, energy storage systems, appliances and industrial equipment.

Founded in 2014, Navitas serves customers and markets globally through its semiconductor products and engineering support.

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