Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $2.96, but opened at $3.12. Navitas Semiconductor shares last traded at $3.13, with a volume of 1,105,396 shares changing hands.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on NVTS. Deutsche Bank Aktiengesellschaft dropped 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. Rosenblatt Securities restated a "buy" rating and set a $7.50 price target on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Craig Hallum cut their target price 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. Finally, Robert W. Baird decreased their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating for the company in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $4.75.
Check Out Our Latest Analysis on Navitas Semiconductor
Navitas Semiconductor Price Performance
The firm's 50 day simple moving average is $3.11 and its 200-day simple moving average is $3.06. The company has a market cap of $618.31 million, a price-to-earnings ratio of -7.88 and a beta of 2.23.
Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $21.68 million during the quarter, compared to the consensus estimate of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. Navitas Semiconductor's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.10) EPS. On average, analysts forecast that Navitas Semiconductor Co. will post -0.51 EPS for the current year.
Insider Activity
In other news, Director Richard J. Hendrix sold 80,000 shares of the company's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.04, for a total transaction of $323,200.00. Following the transaction, the director now directly owns 356,709 shares of the company's stock, valued at $1,441,104.36. This represents a 18.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 31.80% of the company's stock.
Institutional Investors Weigh In On Navitas Semiconductor
Several institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. raised its stake in shares of Navitas Semiconductor by 2,656.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company's stock worth $16,834,000 after buying an additional 4,127,940 shares during the last quarter. Masters Capital Management LLC grew its stake in shares of Navitas Semiconductor by 90.0% during the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company's stock valued at $7,467,000 after buying an additional 900,000 shares during the period. ArrowMark Colorado Holdings LLC increased its stake 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 acquiring an additional 845,664 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Navitas Semiconductor during the 2nd quarter worth approximately $2,364,000. Finally, Mirabella Financial Services LLP acquired a new stake in shares of Navitas Semiconductor in the third quarter worth $943,000. Hedge funds and other institutional investors own 46.14% of the company's stock.
About Navitas Semiconductor
(
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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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