Navitas Semiconductor (NASDAQ:NVTS) Stock Jumps 10.6% – Time to Buy?

Navitas Semiconductor Corporation (NASDAQ:NVTS) rose 10.6% on Tuesday. The company traded as high as $8.78 and last traded at $8.7690. 4,066,644 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 22,608,701 shares. The stock had previously closed at $7.93.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Jefferies Financial Group set a $13.00 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Morgan Stanley reaffirmed an “underweight” rating and set a $12.60 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Rosenblatt Securities reiterated a “neutral” rating and set a $13.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, September 29th. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.92.

Navitas Semiconductor Stock Up 11.4%

The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -6.64 and a beta of 3.96. The company’s 50-day simple moving average is $10.80 and its 200-day simple moving average is $13.24.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Navitas Semiconductor in the 2nd quarter valued at approximately $290,970,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Navitas Semiconductor during the second quarter valued at approximately $75,701,000. Tidal Investments LLC raised its position in Navitas Semiconductor by 161.2% during the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock valued at $20,289,000 after acquiring an additional 698,683 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Navitas Semiconductor in the second quarter valued at approximately $16,757,000. Finally, Bank of New York Mellon Corp acquired a new stake in Navitas Semiconductor in the second quarter valued at approximately $9,116,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation (NASDAQ:NVTS) develops power semiconductor technologies designed to improve the efficiency, performance and size of electronic systems. The company specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, which are used to convert and manage electrical power.

Its product portfolio includes GaNFast power ICs, GeneSiC silicon carbide products and related power-management solutions. These technologies are used in applications such as mobile and consumer chargers, data centers, solar inverters, electric vehicles, energy storage systems, appliances and industrial equipment.

Founded in 2014, Navitas serves customers and markets globally through its semiconductor products and engineering support.