Navitas Semiconductor (NASDAQ:NVTS) Shares Up 13.8% - Still a Buy?

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) were up 13.8% during mid-day trading on Friday . The stock traded as high as $2.89 and last traded at $2.80. Approximately 3,588,641 shares were traded during trading, an increase of 30% from the average daily volume of 2,755,140 shares. The stock had previously closed at $2.46.

Analyst Ratings Changes

Several equities research analysts have issued reports on NVTS shares. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Rosenblatt Securities reiterated a "buy" rating and issued a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Robert W. Baird dropped their price target 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. Morgan Stanley dropped their price target on shares of Navitas Semiconductor from $4.60 to $3.50 and set an "equal weight" rating for the company in a research report on Tuesday, August 6th. Finally, Craig Hallum dropped their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $4.75.

Navitas Semiconductor Stock Up 11.8 %

The stock has a market capitalization of $513.70 million, a P/E ratio of -6.55 and a beta of 2.36. The firm has a 50 day simple moving average of $2.37 and a two-hundred day simple moving average of $3.18.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings data 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 analyst estimates of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) EPS. On average, research analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Institutional Investors Weigh In On Navitas Semiconductor

Several large investors have recently modified their holdings of NVTS. Vanguard Group Inc. lifted its holdings in shares of Navitas Semiconductor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 9,009,587 shares of the company's stock worth $42,976,000 after acquiring an additional 232,496 shares during the last quarter. Point72 Asset Management L.P. raised its position in 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 worth $19,677,000 after purchasing an additional 3,748,124 shares during the period. State Street Corp raised its position in Navitas Semiconductor by 4.0% in the 3rd 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 period. ArrowMark Colorado Holdings LLC increased its position in shares of Navitas Semiconductor by 31.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company's stock valued at $8,713,000 after acquiring an additional 845,664 shares during the period. Finally, Masters Capital Management LLC increased its position in shares of Navitas Semiconductor by 90.0% in the second quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company's stock valued at $7,467,000 after acquiring an additional 900,000 shares during the period. Hedge funds and other institutional investors 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.