Navitas Semiconductor (NASDAQ:NVTS) Trading Up 10.6% - Still a Buy?

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s stock price was up 10.6% during trading on Monday . The stock traded as high as $2.83 and last traded at $2.82. Approximately 1,550,907 shares changed hands during trading, a decline of 41% from the average daily volume of 2,629,371 shares. The stock had previously closed at $2.55.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on NVTS shares. Morgan Stanley cut 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 report on Tuesday, August 6th. Craig Hallum dropped their target price on shares of Navitas Semiconductor from $7.50 to $6.50 and set a "buy" rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC dropped their target price 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. Rosenblatt Securities restated a "buy" rating and issued a $10.00 target price on shares of Navitas Semiconductor in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Navitas Semiconductor from $7.00 to $6.00 and set a "buy" rating on the stock in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor presently has an average rating of "Moderate Buy" and a consensus price target of $6.00.

Navitas Semiconductor Trading Up 9.0 %

The firm's 50-day moving average price is $2.57 and its two-hundred day moving average price is $3.51. The stock has a market cap of $509.02 million, a PE ratio of -5.41 and a beta of 2.38.

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

Insider Activity at Navitas Semiconductor

In related news, CEO Eugene Sheridan sold 193,662 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $3.03, for a total transaction of $586,795.86. Following the completion of the sale, the chief executive officer now owns 2,149,631 shares of the company's stock, valued at $6,513,381.93. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Eugene Sheridan sold 193,662 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $3.03, for a total transaction of $586,795.86. Following the completion of the sale, the chief executive officer now owns 2,149,631 shares of the company's stock, valued at $6,513,381.93. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Moxam sold 33,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $3.13, for a total transaction of $103,290.00. Following the sale, the director now directly owns 867,848 shares of the company's stock, valued at $2,716,364.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 829,852 shares of company stock valued at $2,528,252 over the last 90 days. Insiders own 31.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bleakley Financial Group LLC purchased a new position in shares of Navitas Semiconductor in the third quarter worth $41,000. Creative Planning purchased a new position in shares of Navitas Semiconductor in the third quarter worth $122,000. Duncan Williams Asset Management LLC purchased a new position in shares of Navitas Semiconductor in the third quarter worth $172,000. SG Americas Securities LLC purchased a new position in shares of Navitas Semiconductor in the third quarter worth $133,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Navitas Semiconductor in the second quarter worth $71,000. 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.

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