Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 5.7%

Posted by Alanna Baker on May 26th, 2023

Navitas Semiconductor Co. (NASDAQ:NVTS – Get Rating)’s stock price was up 5.7% during trading on Friday . The company traded as high as $7.99 and last traded at $7.96. Approximately 555,606 shares traded hands during trading, a decline of 68% from the average daily volume of 1,733,041 shares. The stock had previously closed at $7.53.

Analysts Set New Price Targets

A number of equities research analysts recently commented on NVTS shares. TheStreet lowered shares of Navitas Semiconductor from a “c-” rating to a “d” rating in a report on Tuesday, April 25th. Bank of America increased their price target on shares of Navitas Semiconductor from $7.00 to $8.00 in a research note on Tuesday, May 16th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Navitas Semiconductor from $8.00 to $9.00 in a research note on Tuesday, May 16th. Robert W. Baird increased their price target on shares of Navitas Semiconductor from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Friday, February 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price target on shares of Navitas Semiconductor in a research note on Friday, February 24th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.50.

Navitas Semiconductor Stock Up 8.1 %

The company has a market cap of $1.31 billion, a PE ratio of -19.73 and a beta of 2.36. The business’s fifty day moving average is $6.77 and its 200-day moving average is $5.50.

Navitas Semiconductor (NASDAQ:NVTS – Get Rating) last issued its quarterly earnings results on Thursday, February 23rd. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.06). Navitas Semiconductor had a negative net margin of 150.19% and a negative return on equity of 22.72%. The firm had revenue of $12.35 million for the quarter, compared to analysts’ expectations of $12.00 million. Analysts forecast that Navitas Semiconductor Co. will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Daniel M. Kinzer sold 8,990 shares of the business’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $6.30, for a total value of $56,637.00. Following the sale, the chief operating officer now owns 4,669,847 shares in the company, valued at $29,420,036.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Eugene Sheridan sold 38,521 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $6.30, for a total value of $242,682.30. Following the completion of the sale, the chief executive officer now directly owns 2,214,083 shares of the company’s stock, valued at $13,948,722.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Daniel M. Kinzer sold 8,990 shares of the company’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $6.30, for a total transaction of $56,637.00. Following the completion of the sale, the chief operating officer now directly owns 4,669,847 shares of the company’s stock, valued at $29,420,036.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,779,549 shares of company stock worth $121,284,241. Insiders own 35.70% of the company’s stock.

Institutional Trading of Navitas Semiconductor

A number of hedge funds have recently added to or reduced their stakes in NVTS. Citigroup Inc. purchased a new stake in Navitas Semiconductor in the first quarter worth about $711,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Navitas Semiconductor during the first quarter valued at about $924,000. Vanguard Group Inc. lifted its position in shares of Navitas Semiconductor by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,044,876 shares of the company’s stock valued at $10,741,000 after buying an additional 9,185 shares during the last quarter. Baird Financial Group Inc. purchased a new stake in shares of Navitas Semiconductor during the first quarter valued at about $319,000. Finally, First Trust Advisors LP purchased a new stake in shares of Navitas Semiconductor during the first quarter valued at about $8,462,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Navitas Semiconductor Company Profile

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Navitas Semiconductor Corporation designs, develops, and markets gallium nitride (GaN) power integrated circuits used in power conversion and charging. It operates in the United States, Ireland, Germany, Italy, Belgium, China, Taiwan, and the Philippines. The company was incorporated in 2013 and is based in El Segundo, California.