Navitas Semiconductor (NASDAQ:NVTS) Trading Up 21% – Here’s What Happened

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) shot up 21% during trading on Monday . The company traded as high as $4.66 and last traded at $4.56. 14,164,061 shares changed hands during trading, an increase of 374% from the average session volume of 2,988,846 shares. The stock had previously closed at $3.77.

Analyst Ratings Changes

NVTS has been the topic of a number of recent analyst reports. Craig Hallum cut their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $7.50 price objective on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft cut 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. Finally, Robert W. Baird cut their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Price Performance

The firm has a market capitalization of $762.13 million, a P/E ratio of -9.64 and a beta of 2.37. The stock has a fifty day simple moving average of $2.56 and a two-hundred day simple moving average of $3.16.

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

Insiders Place Their Bets

In other news, Director Richard J. Hendrix sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the completion of the sale, the director now owns 356,709 shares in the company, valued at $1,441,104.36. The trade was a 18.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 31.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. boosted its position in shares of Navitas Semiconductor by 87.5% during the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock valued at $19,677,000 after buying an additional 3,748,124 shares during the last quarter. State Street Corp boosted its position in shares of Navitas Semiconductor by 4.0% during the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after buying an additional 221,575 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in shares of Navitas Semiconductor by 31.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock valued at $8,713,000 after buying an additional 845,664 shares during the last quarter. Masters Capital Management LLC boosted its position in shares of Navitas Semiconductor by 90.0% during the second quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock valued at $7,467,000 after buying an additional 900,000 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Navitas Semiconductor during the second quarter valued at approximately $2,364,000. Institutional investors own 46.14% of the company’s stock.

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.