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

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $4.33, but opened at $4.50. Navitas Semiconductor shares last traded at $4.26, with a volume of 2,460,003 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on NVTS shares. Craig Hallum lowered their price objective 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 set a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Robert W. Baird decreased their price objective 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. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.75.

Navitas Semiconductor Price Performance

The stock’s 50 day simple moving average is $2.52 and its 200-day simple moving average is $3.16. The stock has a market capitalization of $782.69 million, a price-to-earnings ratio of -10.31 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (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 firm had revenue of $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. During the same period in the prior year, the company posted ($0.10) earnings per share. Navitas Semiconductor’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, equities research analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the sale, the director now directly owns 356,709 shares of the company’s stock, 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 SEC, which can be accessed through this hyperlink. 31.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NVTS. Point72 Asset Management L.P. grew its stake in shares of Navitas Semiconductor by 87.5% in the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after acquiring an additional 3,748,124 shares during the last quarter. State Street Corp lifted its stake in shares of Navitas Semiconductor by 4.0% in 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 period. ArrowMark Colorado Holdings LLC grew its position in Navitas Semiconductor by 31.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after buying an additional 845,664 shares in the last quarter. Masters Capital Management LLC increased its stake in 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 acquiring an additional 900,000 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in Navitas Semiconductor in the 2nd quarter valued at approximately $2,364,000. 46.14% of the stock is owned by 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.