Navitas Semiconductor (NASDAQ:NVTS) Shares Up 7.4% - Here's What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s stock price rose 7.4% on Wednesday . The stock traded as high as $3.54 and last traded at $3.50. Approximately 4,536,258 shares were traded during mid-day trading, an increase of 43% from the average daily volume of 3,175,830 shares. The stock had previously closed at $3.26.

Analysts Set New Price Targets

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

Navitas Semiconductor Stock Performance

The company's fifty day simple moving average is $2.67 and its two-hundred day simple moving average is $3.16. The stock has a market capitalization of $616.43 million, a P/E ratio of -7.86 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The firm's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) earnings per share. On average, research analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Transactions at Navitas Semiconductor

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of the firm's stock in a transaction 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 transaction, the director now owns 316,709 shares in the company, valued at $1,437,858.86. This trade represents a 11.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 31.80% of the company's stock.

Institutional Trading of Navitas Semiconductor

Institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. raised its stake 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 purchasing an additional 3,748,124 shares in the last quarter. State Street Corp increased its holdings in Navitas Semiconductor by 4.0% in the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company's stock valued at $14,275,000 after buying an additional 221,575 shares during the period. ArrowMark Colorado Holdings LLC raised its position in shares of Navitas Semiconductor by 31.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company's stock valued at $8,713,000 after buying an additional 845,664 shares in the last quarter. Masters Capital Management LLC lifted its holdings in shares of Navitas Semiconductor by 90.0% during the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company's stock worth $7,467,000 after acquiring an additional 900,000 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $2,364,000. 46.14% of the stock is currently owned by institutional investors.

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.