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

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) gapped up prior to trading on Wednesday . The stock had previously closed at $3.14, but opened at $3.40. Navitas Semiconductor shares last traded at $3.53, with a volume of 3,576,925 shares traded.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Craig Hallum dropped their price target 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. Robert W. Baird lowered their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report 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. Deutsche Bank Aktiengesellschaft reduced their target price on shares of 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, Rosenblatt Securities reiterated a “buy” rating and set a $7.50 target price on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.75.

Navitas Semiconductor Price Performance

The company’s fifty day moving average is $2.41 and its 200-day moving average is $3.16. The company has a market capitalization of $620.18 million, a PE ratio of -8.12 and a beta of 2.37.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. M&T Bank Corp boosted its stake in Navitas Semiconductor by 29.6% in the third quarter. M&T Bank Corp now owns 159,804 shares of the company’s stock valued at $392,000 after acquiring an additional 36,504 shares in the last quarter. State Street Corp boosted its position in shares of Navitas Semiconductor by 4.0% in the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company’s stock worth $14,275,000 after purchasing an additional 221,575 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Navitas Semiconductor during the 3rd quarter worth $172,000. Point72 Asset Management L.P. increased its position in Navitas Semiconductor by 87.5% during the 3rd 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 in the last quarter. Finally, Centiva Capital LP purchased a new stake in Navitas Semiconductor in the third quarter valued at about $195,000. Hedge funds and other 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.