Navitas Semiconductor Co. (NASDAQ:NVTS) Sees Significant Decrease in Short Interest

Navitas Semiconductor Co. (NASDAQ:NVTS) was the recipient of a large decrease in short interest in November. As of November 30th, there was short interest totalling 23,480,000 shares, a decrease of 15.7% from the November 15th total of 27,840,000 shares. Based on an average daily volume of 3,980,000 shares, the short-interest ratio is presently 5.9 days. Currently, 20.8% of the shares of the company are short sold.

Navitas Semiconductor Trading Down 5.8 %

NASDAQ:NVTS opened at $3.24 on Tuesday. Navitas Semiconductor has a 1-year low of $1.75 and a 1-year high of $8.44. The stock’s 50-day moving average is $2.63 and its 200-day moving average is $3.17. The stock has a market cap of $605.22 million, a P/E ratio of -7.71 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. As a group, equities analysts forecast that Navitas Semiconductor will post -0.51 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on NVTS shares. Robert W. Baird dropped their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Craig Hallum cut their target price on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Rosenblatt Securities reissued a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $4.75.

Insiders Place Their Bets

In related news, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the transaction, the director now owns 356,709 shares in the company, valued at approximately $1,441,104.36. This trade represents a 18.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently bought and sold shares of the company. Benjamin Edwards Inc. bought a new position in shares of Navitas Semiconductor during the 3rd quarter worth about $36,000. Bleakley Financial Group LLC purchased a new stake in Navitas Semiconductor in the 3rd quarter valued at $41,000. GSA Capital Partners LLP bought a new position in Navitas Semiconductor during the 3rd quarter valued at $44,000. DRW Securities LLC purchased a new position in Navitas Semiconductor during the 2nd quarter worth $46,000. Finally, Wedbush Securities Inc. bought a new stake in shares of Navitas Semiconductor in the 2nd quarter worth $49,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

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.