Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up to $3.05

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $3.05, but opened at $3.23. Navitas Semiconductor shares last traded at $3.10, with a volume of 97,593 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NVTS shares. Craig Hallum lowered their target price on shares of Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating on the stock in a research note on Tuesday. Robert W. Baird dropped their price target on Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Deutsche Bank Aktiengesellschaft decreased their target price on Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $10.00 target price on shares of Navitas Semiconductor in a research report on Friday. Finally, Morgan Stanley lowered their price target on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Navitas Semiconductor currently has an average rating of “Moderate Buy” and an average price target of $6.50.

Navitas Semiconductor Stock Performance

The stock has a 50-day moving average price of $4.15 and a two-hundred day moving average price of $4.71. The stock has a market capitalization of $582.26 million, a PE ratio of -5.96 and a beta of 2.42.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, August 5th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). Navitas Semiconductor had a negative net margin of 97.75% and a negative return on equity of 21.22%. The firm had revenue of $20.50 million for the quarter, compared to analysts’ expectations of $20.01 million. During the same quarter last year, the firm posted ($0.12) EPS. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, equities analysts predict that Navitas Semiconductor Co. will post -0.53 earnings per share for the current year.

Insider Transactions at Navitas Semiconductor

In other Navitas Semiconductor news, Director Dipender Saluja sold 87,059 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $4.45, for a total transaction of $387,412.55. Following the completion of the sale, the director now directly owns 5,944,420 shares of the company’s stock, valued at approximately $26,452,669. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its stake in Navitas Semiconductor by 241.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company’s stock worth $57,000 after purchasing an additional 4,982 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Navitas Semiconductor by 72.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company’s stock worth $63,000 after purchasing an additional 5,550 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Navitas Semiconductor in the first quarter worth about $65,000. Atria Wealth Solutions Inc. bought a new position in Navitas Semiconductor during the fourth quarter valued at approximately $81,000. Finally, ProShare Advisors LLC boosted its stake in Navitas Semiconductor by 12.5% during the first quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock valued at $97,000 after buying an additional 2,258 shares during the last quarter. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.