Navitas Semiconductor (NASDAQ:NVTS) Shares Up 8.7% – Here’s What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s share price shot up 8.7% during trading on Tuesday . The stock traded as high as $33.82 and last traded at $31.79. 49,679,049 shares changed hands during mid-day trading, an increase of 77% from the average session volume of 28,088,633 shares. The stock had previously closed at $29.25.

Wall Street Analyst Weigh In

Several research firms have recently commented on NVTS. Morgan Stanley reaffirmed an “underweight” rating and issued a $13.70 target price on shares of Navitas Semiconductor in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Tuesday, April 21st. Rosenblatt Securities boosted their price target on Navitas Semiconductor from $7.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Needham & Company LLC increased their price target on Navitas Semiconductor from $13.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen raised Navitas Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.87.

Navitas Semiconductor Stock Performance

The stock has a fifty day simple moving average of $14.28 and a two-hundred day simple moving average of $10.71. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of -50.46 and a beta of 3.62.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $8.60 million for the quarter, compared to the consensus estimate of $8.22 million. Navitas Semiconductor had a negative return on equity of 14.30% and a negative net margin of 330.67%.The company’s revenue was down 38.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) EPS. Equities analysts expect that Navitas Semiconductor Corporation will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In other news, Director Ranbir Singh sold 389,096 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $9.52, for a total value of $3,704,193.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Todd Glickman sold 98,152 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $10.78, for a total value of $1,058,078.56. Following the completion of the transaction, the chief financial officer owned 735,231 shares of the company’s stock, valued at $7,925,790.18. The trade was a 11.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 509,016 shares of company stock valued at $4,967,814. 12.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in shares of Navitas Semiconductor by 17.2% in the 1st quarter. Bank of America Corp DE now owns 826,674 shares of the company’s stock valued at $7,250,000 after acquiring an additional 121,162 shares during the last quarter. Arkadios Wealth Advisors bought a new position in shares of Navitas Semiconductor in the 1st quarter valued at $123,000. California State Teachers Retirement System lifted its stake in shares of Navitas Semiconductor by 39.8% in the 1st quarter. California State Teachers Retirement System now owns 227,220 shares of the company’s stock valued at $1,993,000 after acquiring an additional 64,643 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Navitas Semiconductor by 12.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 93,115 shares of the company’s stock valued at $817,000 after acquiring an additional 10,323 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new position in shares of Navitas Semiconductor in the 1st quarter valued at $160,000. 46.14% of the stock is currently owned by institutional investors.

About Navitas Semiconductor

Navitas Semiconductor is a fabless semiconductor company specialized in gallium nitride (GaN) power integrated circuits. The company’s core mission centers on delivering high-efficiency, high-power-density power solutions that address the needs of modern electronic devices, ranging from fast chargers for consumer electronics to industrial and automotive power systems.

Navitas offers a portfolio of GaNFast power ICs designed to replace traditional silicon-based power components. These products integrate GaN transistors, drivers and protection features into single-chip solutions, enabling faster charging, reduced energy loss and smaller power supply footprints.