Navitas Semiconductor (NASDAQ:NVTS) Trading Up 14.2% – Time to Buy?

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) were up 14.2% during mid-day trading on Wednesday . The company traded as high as $3.53 and last traded at $3.53. Approximately 1,372,519 shares traded hands during trading, a decline of 74% from the average daily volume of 5,184,821 shares. The stock had previously closed at $3.09.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NVTS shares. Craig Hallum reduced their target price on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Robert W. Baird lowered their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut their price target 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, Rosenblatt Securities reiterated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $4.75.

Navitas Semiconductor Stock Performance

The company has a market cap of $661.26 million, a P/E ratio of -8.43 and a beta of 2.23. The stock has a 50-day simple moving average of $3.08 and a 200 day simple moving average of $3.06.

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 net margin of 84.61% and a negative return on equity of 23.64%. The firm had revenue of $21.68 million during the quarter, compared to analyst estimates of $21.93 million. During the same quarter in the previous year, the business earned ($0.10) EPS. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. Sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Activity

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 stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the sale, the director now owns 316,709 shares in the company, valued at approximately $1,437,858.86. The trade was a 11.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several institutional investors and hedge funds have recently modified their holdings of NVTS. 180 Wealth Advisors LLC boosted its holdings in shares of Navitas Semiconductor by 15.3% during the 4th quarter. 180 Wealth Advisors LLC now owns 90,682 shares of the company’s stock worth $324,000 after buying an additional 12,027 shares during the period. M&T Bank Corp grew its position in shares of Navitas Semiconductor by 29.6% in the third quarter. M&T Bank Corp now owns 159,804 shares of the company’s stock valued at $392,000 after purchasing an additional 36,504 shares during the last quarter. State Street Corp increased its stake in shares of Navitas Semiconductor by 4.0% during 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 period. Quadrature Capital Ltd acquired a new stake in Navitas Semiconductor during the 3rd quarter worth approximately $172,000. Finally, Point72 Asset Management L.P. boosted its stake in Navitas Semiconductor by 87.5% in 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 purchasing an additional 3,748,124 shares during the period. 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.