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

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 traded.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Robert W. Baird dropped their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating for the company in a research note on Tuesday, November 5th. Rosenblatt Securities reissued a "buy" rating and issued a $7.50 target price on shares of Navitas Semiconductor in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft cut their price target on Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Finally, Craig Hallum lowered their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $4.75.

Navitas Semiconductor Trading Up 4.4 %

The company has a market cap of $577.20 million, a PE ratio of -7.36 and a beta of 2.23. The business has a 50 day simple moving average of $3.07 and a two-hundred day simple moving average of $3.07.

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 for the quarter, meeting analysts' consensus estimates of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The firm had revenue of $21.68 million for the quarter, compared to analysts' expectations of $21.93 million. During the same period in the previous year, the company posted ($0.10) earnings per share. Navitas Semiconductor's revenue was down 1.4% compared to the same quarter last year. On average, equities research analysts expect that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in the stock. 180 Wealth Advisors LLC boosted its stake in Navitas Semiconductor by 15.3% during the 4th quarter. 180 Wealth Advisors LLC now owns 90,682 shares of the company's stock valued at $324,000 after acquiring an additional 12,027 shares during the last quarter. M&T Bank Corp raised its stake in shares of Navitas Semiconductor by 29.6% in the 3rd quarter. M&T Bank Corp now owns 159,804 shares of the company's stock valued at $392,000 after purchasing an additional 36,504 shares in the last quarter. State Street Corp lifted its position in shares of Navitas Semiconductor by 4.0% during the third quarter. State Street Corp now owns 5,826,638 shares of the company's stock worth $14,275,000 after purchasing an additional 221,575 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Navitas Semiconductor in the third quarter worth about $172,000. Finally, Point72 Asset Management L.P. increased its holdings in Navitas Semiconductor by 87.5% in the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company's stock valued at $19,677,000 after buying an additional 3,748,124 shares during the last quarter. Institutional investors and hedge funds 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.