Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up - Here's What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.78, but opened at $2.86. Navitas Semiconductor shares last traded at $2.79, with a volume of 1,163,294 shares trading hands.

Analysts Set New Price Targets

Several research firms have weighed in on NVTS. Needham & Company LLC dropped their price objective 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. Morgan Stanley decreased their target price on shares of Navitas Semiconductor from $4.60 to $3.50 and set an "equal weight" rating for the company in a research report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Navitas Semiconductor from $7.00 to $6.00 and set a "buy" rating for the company in a research report on Tuesday, August 6th. Craig Hallum decreased their price objective on shares of Navitas Semiconductor from $7.50 to $6.50 and set a "buy" rating for the company in a report on Tuesday, August 6th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $10.00 price objective on shares of Navitas Semiconductor in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.00.

Navitas Semiconductor Trading Up 2.5 %

The business's fifty day simple moving average is $2.56 and its two-hundred day simple moving average is $3.50. The stock has a market capitalization of $521.84 million, a P/E ratio of -5.57 and a beta of 2.38.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). Navitas Semiconductor had a negative net margin of 55.70% and a negative return on equity of 22.29%. The company had revenue of $20.50 million during the quarter, compared to the consensus estimate of $20.01 million. During the same period last year, the company earned ($0.12) earnings per share. Navitas Semiconductor's revenue for the quarter was up 13.3% on a year-over-year basis. On average, equities research analysts anticipate that Navitas Semiconductor Co. will post -0.53 earnings per share for the current year.

Insider Buying and Selling at Navitas Semiconductor

In other news, COO Daniel M. Kinzer sold 150,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $3.10, for a total value of $465,000.00. Following the completion of the transaction, the chief operating officer now owns 4,388,353 shares in the company, valued at approximately $13,603,894.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director David Moxam sold 33,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $3.13, for a total value of $103,290.00. Following the completion of the transaction, the director now owns 867,848 shares in the company, valued at approximately $2,716,364.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Daniel M. Kinzer sold 150,000 shares of the stock in a transaction on 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 transaction, the chief operating officer now owns 4,388,353 shares of the company's stock, valued at approximately $13,603,894.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 829,852 shares of company stock valued at $2,528,252 in the last ninety days. Company insiders own 31.80% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Navitas Semiconductor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 9,009,587 shares of the company's stock worth $42,976,000 after purchasing an additional 232,496 shares in the last quarter. Kodai Capital Management LP increased its position in Navitas Semiconductor by 14.3% in the 1st quarter. Kodai Capital Management LP now owns 4,514,576 shares of the company's stock valued at $21,535,000 after acquiring an additional 565,463 shares in the last quarter. Point72 Asset Management L.P. increased its position in Navitas Semiconductor by 2,656.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company's stock valued at $16,834,000 after acquiring an additional 4,127,940 shares in the last quarter. Masters Capital Management LLC increased its position in Navitas Semiconductor by 90.0% in the 2nd 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 in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in Navitas Semiconductor in the 2nd quarter valued at about $2,364,000. Institutional investors and hedge funds 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.