Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – Time to Buy?

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $2.99, but opened at $3.14. Navitas Semiconductor shares last traded at $3.01, with a volume of 1,097,567 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NVTS. Rosenblatt Securities reaffirmed a “buy” rating and issued a $7.50 target price on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Craig Hallum decreased their price target on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft dropped their price objective on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Robert W. Baird reduced their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.75.

Navitas Semiconductor Trading Down 0.8 %

The company has a market cap of $553.86 million, a PE ratio of -7.06 and a beta of 2.23. The firm has a 50 day moving average of $3.33 and a two-hundred day moving average of $3.01.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, November 4th. 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 firm had revenue of $21.68 million for the quarter, compared to analysts’ expectations of $21.93 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. On average, research analysts forecast that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Insider Activity at Navitas Semiconductor

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

Institutional Investors Weigh In On Navitas Semiconductor

Several institutional investors have recently modified their holdings of NVTS. Point72 Asset Management L.P. boosted its holdings in shares of Navitas Semiconductor by 87.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock valued at $19,677,000 after acquiring an additional 3,748,124 shares during the last quarter. State Street Corp boosted its holdings in Navitas Semiconductor by 4.0% in the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock worth $14,275,000 after purchasing an additional 221,575 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in Navitas Semiconductor by 31.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after purchasing an additional 845,664 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Navitas Semiconductor in the second quarter worth approximately $2,364,000. Finally, Mirabella Financial Services LLP purchased a new stake in Navitas Semiconductor in the third quarter worth approximately $943,000. 46.14% of the stock is owned by hedge funds and other 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.