Navitas Semiconductor (NASDAQ:NVTS) Trading Up 17.1% – What’s Next?

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NVTS. Craig Hallum cut their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 price target on shares of Navitas Semiconductor in a research report on Thursday. Finally, Robert W. Baird dropped their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4.39.

Navitas Semiconductor Price Performance

The firm has a market capitalization of $635.12 million, a price-to-earnings ratio of -8.10 and a beta of 2.20. The firm’s 50-day simple moving average is $3.34 and its 200 day simple moving average is $2.89.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were 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 directly owns 316,709 shares in the company, valued at $1,437,858.86. The trade was a 11.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 31.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Navitas Semiconductor during the third quarter worth $133,000. Creative Planning bought a new stake in shares of Navitas Semiconductor during the third quarter worth $122,000. Bleakley Financial Group LLC bought a new stake in shares of Navitas Semiconductor during the third quarter worth $41,000. GSA Capital Partners LLP bought a new stake in shares of Navitas Semiconductor during the third quarter worth $44,000. Finally, Intech Investment Management LLC bought a new stake in shares of Navitas Semiconductor during the third quarter worth $79,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

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.