Navitas Semiconductor (NASDAQ:NVTS) Trading 5.6% Higher – Here’s Why

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s stock price traded up 5.6% on Wednesday . The company traded as high as $20.78 and last traded at $20.5170. 4,107,119 shares were traded during trading, a decline of 85% from the average session volume of 27,157,129 shares. The stock had previously closed at $19.43.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Tuesday, April 21st. Needham & Company LLC increased their price target on shares of Navitas Semiconductor from $13.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Robert W. Baird lifted their target price on Navitas Semiconductor from $9.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Wall Street Zen upgraded Navitas Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $13.70 target price on shares of Navitas Semiconductor in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.87.

Navitas Semiconductor Price Performance

The business’s 50 day moving average price is $12.92 and its 200-day moving average price is $10.31. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of -35.05 and a beta of 3.62.

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

Insiders Place Their Bets

In other Navitas Semiconductor news, CFO Todd Glickman sold 98,152 shares of the stock in a transaction on Tuesday, March 17th. The stock was 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 in the company, valued at approximately $7,925,790.18. This represents a 11.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Chris Allexandre sold 9,236 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $8.93, for a total value of $82,477.48. Following the completion of the transaction, the chief executive officer owned 813,323 shares of the company’s stock, valued at $7,262,974.39. The trade was a 1.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 509,016 shares of company stock worth $4,967,814. 12.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Navitas Semiconductor

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE grew its holdings 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 worth $7,250,000 after acquiring an additional 121,162 shares during the period. Arkadios Wealth Advisors purchased a new stake in shares of Navitas Semiconductor in the 1st quarter worth about $123,000. California State Teachers Retirement System boosted its position 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 worth $1,993,000 after buying an additional 64,643 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position 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 worth $817,000 after buying an additional 10,323 shares in the last quarter. Finally, Quantinno Capital Management LP purchased a new stake in shares of Navitas Semiconductor in the 1st quarter worth about $160,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Company Profile

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.