Short Interest in Navitas Semiconductor Co. (NASDAQ:NVTS) Drops By 15.7%

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) was the target of a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 23,480,000 shares, a decrease of 15.7% from the November 15th total of 27,840,000 shares. Based on an average daily volume of 3,980,000 shares, the days-to-cover ratio is presently 5.9 days. Currently, 20.8% of the company's shares are sold short.

Analysts Set New Price Targets

A number of equities analysts recently commented on NVTS shares. 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 report on Tuesday, November 5th. Rosenblatt Securities restated a "buy" rating and set a $7.50 target price on shares of Navitas Semiconductor in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft reduced their price target on Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. Finally, Craig Hallum reduced their price target on Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $4.75.

Insider Transactions at Navitas Semiconductor

In related news, Director Richard J. Hendrix sold 40,000 shares of the firm's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the completion of the transaction, the director now directly owns 316,709 shares in the company, valued at $1,437,858.86. This trade represents a 11.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 31.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. M&T Bank Corp grew its stake in Navitas Semiconductor by 29.6% during the 3rd quarter. M&T Bank Corp now owns 159,804 shares of the company's stock worth $392,000 after buying an additional 36,504 shares during the last quarter. State Street Corp grew its stake in Navitas Semiconductor by 4.0% during the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company's stock worth $14,275,000 after buying an additional 221,575 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Navitas Semiconductor during the 3rd quarter worth approximately $172,000. Point72 Asset Management L.P. grew its stake in shares of Navitas Semiconductor by 87.5% in 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 purchasing an additional 3,748,124 shares during the last quarter. Finally, Centiva Capital LP purchased a new position in shares of Navitas Semiconductor in the 3rd quarter valued at approximately $195,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

Navitas Semiconductor Price Performance

Shares of NASDAQ NVTS traded down $0.16 during midday trading on Friday, hitting $3.44. 7,413,365 shares of the company's stock were exchanged, compared to its average volume of 3,132,660. Navitas Semiconductor has a twelve month low of $1.75 and a twelve month high of $8.44. The company has a market cap of $642.58 million, a PE ratio of -8.19 and a beta of 2.37. The firm's fifty day simple moving average is $2.63 and its 200-day simple moving average is $3.17.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share 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 business had revenue of $21.68 million for the quarter, compared to analyst estimates of $21.93 million. During the same quarter last year, the company earned ($0.10) EPS. The business's quarterly revenue was down 1.4% on a year-over-year basis. Equities analysts anticipate that Navitas Semiconductor will post -0.51 EPS for the current fiscal year.

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.