Navitas Semiconductor (NASDAQ:NVTS) Trading Up 17.1% – Here’s Why

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) were up 17.1% during mid-day trading on Tuesday . The company traded as high as $3.60 and last traded at $3.51. Approximately 2,327,277 shares were traded during trading, a decline of 41% from the average daily volume of 3,929,475 shares. The stock had previously closed at $3.00.

Analyst Ratings Changes

A number of equities analysts have issued reports on NVTS shares. Rosenblatt Securities reiterated a “buy” rating and set a $5.00 target price on shares of Navitas Semiconductor in a report on Thursday. Craig Hallum lowered their target price on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lowered their target price on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Finally, Robert W. Baird lowered their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.39.

Navitas Semiconductor Stock Performance

The company has a market cap of $635.12 million, a P/E ratio of -8.10 and a beta of 2.20. The company has a fifty day moving average price of $3.34 and a two-hundred day moving average price of $2.89.

Insider Activity

In related news, Director Richard J. Hendrix sold 40,000 shares of Navitas Semiconductor stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the completion of the transaction, the director now owns 316,709 shares in the company, valued at approximately $1,437,858.86. This trade represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 31.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC bought a new position in Navitas Semiconductor during the fourth quarter worth about $94,000. ProShare Advisors LLC grew its holdings in Navitas Semiconductor by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 35,532 shares of the company’s stock worth $127,000 after purchasing an additional 11,692 shares during the period. Millennium Management LLC bought a new position in Navitas Semiconductor during the fourth quarter worth about $52,000. D. E. Shaw & Co. Inc. acquired a new stake in Navitas Semiconductor during the fourth quarter worth approximately $90,000. Finally, Deutsche Bank AG lifted its position in Navitas Semiconductor by 72.8% during the fourth quarter. Deutsche Bank AG now owns 121,203 shares of the company’s stock worth $433,000 after acquiring an additional 51,045 shares during the last quarter. Institutional investors own 46.14% of the company’s stock.

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.