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

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.99, but opened at $3.14. Navitas Semiconductor shares last traded at $3.01, with a volume of 1,097,567 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NVTS. Rosenblatt Securities reaffirmed a "buy" rating and issued a $7.50 target price on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Craig Hallum dropped their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating on the stock in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of 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, Robert W. Baird decreased their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating for the company in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $4.75.

Navitas Semiconductor Price Performance

The business has a 50-day simple moving average of $3.41 and a 200-day simple moving average of $2.98. The stock has a market cap of $565.99 million, a P/E ratio of -7.21 and a beta of 2.23.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The business 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 quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.10) EPS. On average, analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction that occurred on 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 sale, the director now owns 316,709 shares in the company, valued at $1,437,858.86. This represents a 11.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 31.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. State Street Corp grew 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 worth $14,275,000 after acquiring an additional 221,575 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Navitas Semiconductor in the 2nd quarter valued at $2,364,000. Mirabella Financial Services LLP acquired a new stake in Navitas Semiconductor in the 3rd quarter worth $943,000. Walleye Capital LLC bought a new position in shares of Navitas Semiconductor during the 3rd quarter worth about $283,000. Finally, Bleakley Financial Group LLC acquired a new position in shares of Navitas Semiconductor during the third quarter valued at about $41,000. 46.14% of the stock is owned by institutional investors.

Navitas Semiconductor Company Profile

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.