Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – Here’s Why

Navitas Semiconductor Co. (NASDAQ:NVTS) gapped up prior to trading on Tuesday . The stock had previously closed at $5.52, but opened at $5.82. Navitas Semiconductor shares last traded at $5.89, with a volume of 19,729,269 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NVTS shares. Robert W. Baird decreased their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Morgan Stanley cut Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $2.10 to $1.50 in a report on Monday, April 7th. Rosenblatt Securities raised their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a “buy” rating in a report on Thursday, May 22nd. Finally, Needham & Company LLC decreased their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell 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 an average price target of $3.79.

Navitas Semiconductor Stock Up 14.1%

The firm has a market cap of $1.30 billion, a P/E ratio of -16.14 and a beta of 2.24. The business has a fifty day moving average of $2.63 and a 200 day moving average of $2.88.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, hitting analysts’ consensus estimates of ($0.06). Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The business had revenue of $14.02 million during the quarter, compared to analysts’ expectations of $14.01 million. During the same quarter last year, the company posted ($0.06) earnings per share. Navitas Semiconductor’s quarterly revenue was down 39.7% on a year-over-year basis. Research analysts expect that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Insider Buying and Selling

In other news, Director David Moxam sold 714,199 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $6.50, for a total transaction of $4,642,293.50. Following the completion of the sale, the director now owns 78,649 shares in the company, valued at $511,218.50. The trade was a 90.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Sicpower, Llc sold 484,619 shares of the business’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $6.72, for a total value of $3,256,639.68. Following the sale, the insider now owns 24,390,042 shares of the company’s stock, valued at approximately $163,901,082.24. This represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,478,587 shares of company stock worth $22,447,680. Company insiders own 31.80% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Navitas Semiconductor by 1.3% during the first quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company’s stock worth $20,495,000 after acquiring an additional 123,598 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Navitas Semiconductor by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company’s stock worth $11,005,000 after acquiring an additional 113,277 shares during the period. Invesco Ltd. boosted its holdings in shares of Navitas Semiconductor by 22.2% during the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock worth $3,751,000 after acquiring an additional 331,832 shares during the period. Bank of America Corp DE raised its position in shares of Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock valued at $4,407,000 after buying an additional 794,371 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Navitas Semiconductor by 9.5% in the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock valued at $4,319,000 after buying an additional 104,906 shares in the last quarter. 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.