Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 9.2%

Navitas Semiconductor Co. (NASDAQ:NVTS) shot up 9.2% on Wednesday . The stock traded as high as $4.17 and last traded at $4.14. 767,909 shares were traded during mid-day trading, a decline of 73% from the average session volume of 2,891,320 shares. The stock had previously closed at $3.79.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and set a $12.00 target price on shares of Navitas Semiconductor in a research note on Friday, March 1st. Northland Securities assumed coverage on shares of Navitas Semiconductor in a report on Tuesday, January 16th. They issued a “market perform” rating for the company. Finally, Needham & Company LLC cut their target price on shares of Navitas Semiconductor from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.82.

Navitas Semiconductor Stock Up 0.2 %

The company has a 50 day moving average of $4.87 and a two-hundred day moving average of $6.04.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Thursday, February 29th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Navitas Semiconductor had a negative net margin of 183.04% and a negative return on equity of 18.81%. The firm had revenue of $26.06 million for the quarter, compared to the consensus estimate of $25.68 million. As a group, analysts predict that Navitas Semiconductor Co. will post -0.46 EPS for the current year.

Insider Transactions at Navitas Semiconductor

In other news, COO Daniel M. Kinzer sold 24,073 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $115,550.40. Following the completion of the sale, the chief operating officer now directly owns 4,538,353 shares in the company, valued at $21,784,094.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Navitas Semiconductor news, COO Daniel M. Kinzer sold 24,073 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $115,550.40. Following the completion of the sale, the chief operating officer now directly owns 4,538,353 shares in the company, valued at approximately $21,784,094.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ranbir Singh sold 10,925 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $52,440.00. Following the sale, the executive vice president now directly owns 29,357 shares of the company’s stock, valued at $140,913.60. The disclosure for this sale can be found here. Insiders sold 73,429 shares of company stock worth $352,459 over the last quarter. 36.80% of the stock is currently owned by insiders.

Institutional Trading of Navitas Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC grew its stake in Navitas Semiconductor by 241.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company’s stock valued at $57,000 after acquiring an additional 4,982 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new position in shares of Navitas Semiconductor during the fourth quarter valued at about $81,000. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Navitas Semiconductor by 52.3% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 11,210 shares of the company’s stock valued at $76,000 after purchasing an additional 3,850 shares in the last quarter. Mackenzie Financial Corp bought a new stake in shares of Navitas Semiconductor in the third quarter worth about $87,000. Finally, Victory Capital Management Inc. lifted its position in shares of Navitas Semiconductor by 23.9% in the fourth quarter. Victory Capital Management Inc. now owns 15,842 shares of the company’s stock worth $128,000 after buying an additional 3,052 shares in the last quarter. Institutional investors own 46.14% of the company’s stock.

About Navitas Semiconductor

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.