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

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s share price gapped up prior to trading on Monday. The stock had previously closed at $8.34, but opened at $8.84. Navitas Semiconductor shares last traded at $8.6540, with a volume of 2,296,547 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently commented on NVTS. Wall Street Zen lowered shares of Navitas Semiconductor from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Morgan Stanley reaffirmed an “underweight” rating and set a $12.60 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Jefferies Financial Group set a $13.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Needham & Company LLC reissued a “buy” rating and issued a $21.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $13.00 price target on shares of Navitas Semiconductor in a report on Tuesday, September 29th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Navitas Semiconductor currently has an average rating of “Hold” and a consensus target price of $15.92.

Navitas Semiconductor Price Performance

The stock’s 50 day moving average is $11.82 and its 200-day moving average is $15.25. The company has a market capitalization of $2.30 billion, a P/E ratio of -6.63 and a beta of 3.96.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). The company had revenue of $10.53 million during the quarter, compared to analyst estimates of $9.97 million. Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%. The firm’s revenue for the quarter was down 27.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.25) EPS. On average, equities research analysts anticipate that Navitas Semiconductor Corporation will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. boosted its stake in Navitas Semiconductor by 22.4% during the 3rd quarter. Vontobel Holding Ltd. now owns 17,362 shares of the company’s stock valued at $202,000 after purchasing an additional 3,177 shares during the last quarter. Fortitude Advisory Group L.L.C. increased its holdings in shares of Navitas Semiconductor by 20.0% in the 3rd quarter. Fortitude Advisory Group L.L.C. now owns 19,910 shares of the company’s stock worth $231,000 after purchasing an additional 3,315 shares in the last quarter. Lodestone Wealth Management LLC increased its holdings in shares of Navitas Semiconductor by 12.7% in the 3rd quarter. Lodestone Wealth Management LLC now owns 18,772 shares of the company’s stock worth $218,000 after purchasing an additional 2,115 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Navitas Semiconductor by 23.6% in the third quarter. GAMMA Investing LLC now owns 7,117 shares of the company’s stock worth $83,000 after purchasing an additional 1,359 shares during the last quarter. Finally, Private Capital Advisors Inc. purchased a new position in shares of Navitas Semiconductor in the third quarter worth $149,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.