Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 7.2% - Should You Buy?

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s stock price shot up 7.2% on Friday . The company traded as high as $3.77 and last traded at $3.74. 674,827 shares traded hands during trading, a decline of 75% from the average session volume of 2,702,136 shares. The stock had previously closed at $3.49.

Wall Street Analysts Forecast Growth

NVTS has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft reduced 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 note on Tuesday, November 5th. Robert W. Baird decreased their price target on Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 5th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $7.50 price objective on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Finally, Craig Hallum decreased 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. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Navitas Semiconductor currently has a consensus rating of "Moderate Buy" and a consensus target price of $4.75.

Navitas Semiconductor Stock Performance

The stock has a market cap of $745.32 million, a price-to-earnings ratio of -9.50 and a beta of 2.37. The business has a fifty day simple moving average of $2.96 and a 200 day simple moving average of $3.10.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $21.93 million. During the same quarter in the previous year, the company posted ($0.10) EPS. The firm's revenue for the quarter was down 1.4% on a year-over-year basis. On average, equities research analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Activity at Navitas Semiconductor

In related news, Director Richard J. Hendrix sold 40,000 shares of the company's stock in a transaction on Monday, December 9th. The stock was 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 in the company, valued at approximately $1,437,858.86. This represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 31.80% of the company's stock.

Institutional Trading of Navitas Semiconductor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in shares of Navitas Semiconductor by 28.6% in the second quarter. Bank of New York Mellon Corp now owns 486,640 shares of the company's stock worth $1,912,000 after acquiring an additional 108,122 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Navitas Semiconductor by 5.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company's stock valued at $306,000 after purchasing an additional 4,000 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Navitas Semiconductor by 10.5% during the 2nd quarter. Rhumbline Advisers now owns 178,306 shares of the company's stock valued at $701,000 after buying an additional 16,892 shares during the period. Wedbush Securities Inc. acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth $49,000. Finally, Rice Hall James & Associates LLC purchased a new position in shares of Navitas Semiconductor in the 2nd quarter worth $2,151,000. 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.