Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up - What's Next?

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s stock price gapped up prior to trading 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 Analysts Forecast Growth

Several research firms recently weighed in on NVTS. Rosenblatt Securities reissued a "buy" rating and set a $7.50 price objective on shares of Navitas Semiconductor in a research report on Thursday, October 31st. 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. Robert W. Baird lowered their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 5th. Finally, Craig Hallum reduced their target price on shares of Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $4.75.

Navitas Semiconductor Price Performance

The firm has a 50 day simple moving average of $3.40 and a 200-day simple moving average of $2.99. The stock has a market capitalization of $566.00 million, a price-to-earnings ratio of -7.21 and a beta of 2.23.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (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%. The firm's quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the firm posted ($0.10) EPS. On average, sell-side analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of the business's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $4.54, for a total value of $181,600.00. Following the completion of the transaction, the director now directly owns 316,709 shares of the company's stock, valued at approximately $1,437,858.86. The trade was a 11.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 31.80% of the stock is owned by corporate insiders.

Institutional Trading of Navitas Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $2,364,000. The Manufacturers Life Insurance Company boosted its stake in Navitas Semiconductor by 16.2% in the second quarter. The Manufacturers Life Insurance Company now owns 71,998 shares of the company's stock valued at $283,000 after acquiring an additional 10,024 shares during the last quarter. Algert Global LLC bought a new position in Navitas Semiconductor in the second quarter valued at approximately $50,000. Point72 DIFC Ltd acquired a new stake in Navitas Semiconductor during the 2nd quarter worth $71,000. Finally, SG Americas Securities LLC bought a new stake in shares of Navitas Semiconductor during the 3rd quarter valued at $133,000. Institutional investors and hedge funds own 46.14% of the company's stock.

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.