Navitas Semiconductor (NASDAQ:NVTS) Sees Unusually-High Trading Volume – Here’s Why

Navitas Semiconductor Corporation (NASDAQ:NVTS) saw an uptick in trading volume on Tuesday . 15,184,692 shares were traded during mid-day trading, an increase of 31% from the previous session’s volume of 11,547,662 shares.The stock last traded at $7.00 and had previously closed at $6.52.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NVTS. Rosenblatt Securities increased their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a report on Thursday, May 22nd. Morgan Stanley cut shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Deutsche Bank Aktiengesellschaft cut Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $3.50 target price on the stock. in a research note on Tuesday, June 17th. Needham & Company LLC lowered their price objective on shares of Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Finally, Robert W. Baird dropped their target price on shares of Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.71.

Navitas Semiconductor Stock Performance

The firm has a 50-day moving average of $4.00 and a 200-day moving average of $3.28. The firm has a market capitalization of $1.36 billion, a P/E ratio of -13.63 and a beta of 2.95.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The company had revenue of $14.02 million for the quarter, compared to analysts’ expectations of $14.01 million. During the same period last year, the firm posted ($0.06) earnings per share. Navitas Semiconductor’s revenue was down 39.7% compared to the same quarter last year. On average, research analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Insider Activity

In other Navitas Semiconductor news, major shareholder Sicpower, Llc sold 8,500 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $6.53, for a total value of $55,505.00. Following the transaction, the insider now owns 24,874,661 shares of the company’s stock, valued at approximately $162,431,536.33. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ranbir Singh sold 16,377 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $6.43, for a total transaction of $105,304.11. The disclosure for this sale can be found here. Insiders sold 15,084,600 shares of company stock valued at $99,761,157 over the last three months. Insiders own 29.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Edge Capital Group LLC bought a new position in Navitas Semiconductor in the 4th quarter worth $987,000. Bank of New York Mellon Corp increased its position in Navitas Semiconductor by 27.6% in the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company’s stock worth $1,780,000 after buying an additional 107,828 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Navitas Semiconductor in the fourth quarter worth about $66,000. Charles Schwab Investment Management Inc. lifted its position in shares of Navitas Semiconductor by 7.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company’s stock valued at $3,737,000 after buying an additional 76,870 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Navitas Semiconductor during the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

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.