Navitas Semiconductor (NASDAQ:NVTS) Shares Up 14.2% – Here’s What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS) shares shot up 14.2% during trading on Wednesday . The company traded as high as $3.53 and last traded at $3.53. 1,372,519 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 5,184,821 shares. The stock had previously closed at $3.09.

Wall Street Analyst Weigh In

NVTS has been the topic of a number of research reports. Rosenblatt Securities restated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Craig Hallum cut their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Robert W. Baird decreased their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Stock Down 6.0 %

The firm’s fifty day moving average is $3.13 and its two-hundred day moving average is $3.07.

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

Insider Activity

In related news, Director Richard J. Hendrix sold 40,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $4.54, for a total transaction of $181,600.00. Following the sale, the director now owns 316,709 shares of the company’s stock, valued at $1,437,858.86. The trade was a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 31.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors and hedge funds have recently modified their holdings of NVTS. DRW Securities LLC purchased a new position in Navitas Semiconductor in the second quarter worth about $46,000. Algert Global LLC bought a new position in shares of Navitas Semiconductor in the 2nd quarter worth approximately $50,000. Benjamin Edwards Inc. purchased a new position in shares of Navitas Semiconductor in the third quarter worth approximately $36,000. Bleakley Financial Group LLC bought a new stake in Navitas Semiconductor during the third quarter valued at approximately $41,000. Finally, GSA Capital Partners LLP purchased a new stake in Navitas Semiconductor during the third quarter valued at approximately $44,000. 46.14% of the stock is currently 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.