Navitas Semiconductor Target of Unusually Large Options Trading (NASDAQ:NVTS)

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) was the target of some unusual options trading on Friday. Stock traders bought 15,367 call options on the company. This is an increase of 37% compared to the average daily volume of 11,207 call options.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director Brian Long sold 31,460 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $6.83, for a total value of $214,871.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Todd Glickman sold 532,342 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total value of $2,390,215.58. Following the completion of the transaction, the chief financial officer now owns 234,501 shares of the company's stock, valued at $1,052,909.49. This trade represents a 69.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 9,531,933 shares of company stock valued at $56,140,270. 29.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE raised its stake in Navitas Semiconductor by 180.5% during the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after buying an additional 794,371 shares during the last quarter. Invesco Ltd. raised its stake in Navitas Semiconductor by 22.2% during the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after buying an additional 331,832 shares during the last quarter. Nuveen LLC purchased a new position in Navitas Semiconductor during the first quarter valued at $675,000. Susquehanna Fundamental Investments LLC purchased a new position in Navitas Semiconductor during the fourth quarter valued at $1,170,000. Finally, Edge Capital Group LLC purchased a new position in Navitas Semiconductor during the fourth quarter valued at $987,000. 46.14% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on NVTS. Needham & Company LLC cut their price target on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Rosenblatt Securities raised their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Robert W. Baird decreased their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Finally, Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Trading Up 2.1%

Shares of NVTS stock traded up $0.13 during trading hours on Friday, reaching $6.18. The company's stock had a trading volume of 43,659,438 shares, compared to its average volume of 9,039,809. The stock has a market capitalization of $1.19 billion, a P/E ratio of -14.71 and a beta of 2.96. Navitas Semiconductor has a one year low of $1.52 and a one year high of $7.53. The firm's fifty day simple moving average is $2.79 and its 200 day simple moving average is $2.94.

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 the consensus estimate of ($0.06). Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The company had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same period in the previous year, the company posted ($0.06) earnings per share. The firm's revenue was down 39.7% on a year-over-year basis. As a group, equities research analysts forecast that Navitas Semiconductor will post -0.51 earnings per share for the current fiscal year.

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.