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

Navitas Semiconductor Co. (NASDAQ:NVTS) gapped up prior to trading on Monday . The stock had previously closed at $2.42, but opened at $2.61. Navitas Semiconductor shares last traded at $2.72, with a volume of 766,198 shares changing hands.

Wall Street Analyst Weigh In

NVTS has been the topic of several research analyst reports. Craig Hallum dropped their target price on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Rosenblatt Securities reissued a “buy” rating and issued a $7.50 price target on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Robert W. Baird decreased their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Needham & Company LLC decreased their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Morgan Stanley decreased their price target on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a research note on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Price Performance

The business’s 50 day simple moving average is $2.35 and its 200 day simple moving average is $3.22. The company has a market capitalization of $511.83 million, a PE ratio of -6.48 and a beta of 2.36.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, hitting analysts’ consensus estimates 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 the consensus estimate of $21.93 million. During the same period in the previous year, the firm earned ($0.10) earnings per share. Navitas Semiconductor’s quarterly revenue was down 1.4% compared to the same quarter last year. As a group, analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, COO Daniel M. Kinzer sold 150,000 shares of Navitas Semiconductor stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $3.10, for a total transaction of $465,000.00. Following the completion of the sale, the chief operating officer now directly owns 4,388,353 shares in the company, valued at $13,603,894.30. This trade represents a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eugene Sheridan sold 453,190 shares of Navitas Semiconductor stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $3.03, for a total transaction of $1,373,165.70. Following the sale, the chief executive officer now owns 2,608,441 shares of the company’s stock, valued at approximately $7,903,576.23. This represents a 14.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 796,852 shares of company stock worth $2,424,962 over the last three months. Insiders own 31.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. DRW Securities LLC acquired a new position in shares of Navitas Semiconductor in the second quarter valued at approximately $46,000. Wedbush Securities Inc. acquired a new position in shares of Navitas Semiconductor in the second quarter valued at approximately $49,000. Algert Global LLC acquired a new position in shares of Navitas Semiconductor in the second quarter valued at approximately $50,000. SG Americas Securities LLC acquired a new position in shares of Navitas Semiconductor in the first quarter valued at approximately $65,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $36,000. 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.