Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – Time to Buy?

Navitas Semiconductor Co. (NASDAQ:NVTS) gapped up before the market opened on Tuesday . The stock had previously closed at $2.78, but opened at $2.86. Navitas Semiconductor shares last traded at $2.79, with a volume of 1,163,294 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Morgan Stanley decreased their price objective on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $10.00 price target on shares of Navitas Semiconductor in a research note on Friday, August 2nd. Needham & Company LLC lowered their price objective on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, Craig Hallum lowered their price target on shares of Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating for the company in a report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Navitas Semiconductor Trading Down 6.3 %

The company’s fifty day simple moving average is $2.56 and its 200 day simple moving average is $3.49. The firm has a market capitalization of $488.88 million, a P/E ratio of -9.54 and a beta of 2.38.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The company had revenue of $20.50 million during the quarter, compared to the consensus estimate of $20.01 million. Navitas Semiconductor had a negative return on equity of 22.29% and a negative net margin of 55.70%. Navitas Semiconductor’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.12) earnings per share. On average, analysts predict that Navitas Semiconductor Co. will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David Moxam sold 33,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $3.13, for a total value of $103,290.00. Following the sale, the director now directly owns 867,848 shares of the company’s stock, valued at $2,716,364.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Eugene Sheridan sold 193,662 shares of Navitas Semiconductor stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $3.03, for a total transaction of $586,795.86. Following the completion of the transaction, the chief executive officer now directly owns 2,149,631 shares of the company’s stock, valued at $6,513,381.93. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David Moxam sold 33,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $3.13, for a total transaction of $103,290.00. Following the completion of the sale, the director now owns 867,848 shares in the company, valued at approximately $2,716,364.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 829,852 shares of company stock worth $2,528,252 in the last quarter. 31.80% of the stock is owned by company insiders.

Institutional Trading of Navitas Semiconductor

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Navitas Semiconductor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 9,009,587 shares of the company’s stock valued at $42,976,000 after buying an additional 232,496 shares in the last quarter. Kodai Capital Management LP increased its holdings in shares of Navitas Semiconductor by 14.3% during the first quarter. Kodai Capital Management LP now owns 4,514,576 shares of the company’s stock valued at $21,535,000 after acquiring an additional 565,463 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Navitas Semiconductor by 2,656.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock worth $16,834,000 after purchasing an additional 4,127,940 shares during the last quarter. Masters Capital Management LLC boosted its stake in Navitas Semiconductor by 90.0% in the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock worth $7,467,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in Navitas Semiconductor during the 2nd quarter valued at about $2,364,000. 46.14% of the stock is owned by 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.