Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up to $3.96

Navitas Semiconductor Co. (NASDAQ:NVTS) gapped up prior to trading on Friday . The stock had previously closed at $3.96, but opened at $4.07. Navitas Semiconductor shares last traded at $4.02, with a volume of 154,303 shares traded.

Analyst Upgrades and Downgrades

NVTS has been the subject of several recent analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $10.00 price objective on shares of Navitas Semiconductor in a research report on Friday, June 7th. Needham & Company LLC cut their target price on Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Robert W. Baird decreased their target price on Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Deutsche Bank Aktiengesellschaft dropped their price target on Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $4.00 price objective (down previously from $10.00) on shares of Navitas Semiconductor in a research report on Monday, May 13th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.41.

Navitas Semiconductor Trading Up 1.0 %

The company has a 50-day moving average of $4.15 and a 200-day moving average of $5.37.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). Navitas Semiconductor had a negative return on equity of 21.22% and a negative net margin of 97.75%. The business had revenue of $23.18 million during the quarter, compared to analysts’ expectations of $23.15 million. As a group, research analysts forecast that Navitas Semiconductor Co. will post -0.53 EPS for the current year.

Insider Buying and Selling

In other news, Director Dipender Saluja sold 87,060 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $4.56, for a total transaction of $396,993.60. Following the completion of the transaction, the director now directly owns 6,118,539 shares of the company’s stock, valued at approximately $27,900,537.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 31.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Navitas Semiconductor by 37.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 905,524 shares of the company’s stock worth $6,293,000 after buying an additional 248,143 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Navitas Semiconductor by 9,612.6% in the 3rd quarter. Federated Hermes Inc. now owns 33,800 shares of the company’s stock valued at $235,000 after purchasing an additional 33,452 shares during the period. Masters Capital Management LLC boosted its stake in Navitas Semiconductor by 55.3% during the fourth quarter. Masters Capital Management LLC now owns 1,700,000 shares of the company’s stock valued at $13,719,000 after buying an additional 605,000 shares during the period. Vanguard Group Inc. boosted its position in shares of Navitas Semiconductor by 14.2% during the 3rd quarter. Vanguard Group Inc. now owns 8,572,707 shares of the company’s stock valued at $59,580,000 after acquiring an additional 1,064,010 shares during the last quarter. Finally, Kodai Capital Management LP purchased a new stake in Navitas Semiconductor in the fourth quarter valued at approximately $31,869,000. 46.14% of the stock is currently owned by institutional investors.

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.