Navitas Semiconductor Corporation (NASDAQ:NVTS – Get Free Report) shares traded up 7.5% on Thursday . The stock traded as high as $24.23 and last traded at $24.02. 23,149,342 shares changed hands during trading, a decline of 20% from the average daily volume of 28,946,402 shares. The stock had previously closed at $22.34.
Wall Street Analysts Forecast Growth
NVTS has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Navitas Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday. Morgan Stanley reaffirmed an “underweight” rating and set a $13.70 price objective on shares of Navitas Semiconductor in a research note on Wednesday, May 6th. Rosenblatt Securities increased their target price on shares of Navitas Semiconductor from $7.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Wall Street Zen raised Navitas Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Needham & Company LLC boosted their price target on Navitas Semiconductor from $13.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.74.
Read Our Latest Research Report on NVTS
Navitas Semiconductor Stock Performance
Navitas Semiconductor (NASDAQ:NVTS – Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. Navitas Semiconductor had a negative return on equity of 14.30% and a negative net margin of 330.67%.The business had revenue of $8.60 million for the quarter, compared to the consensus estimate of $8.22 million. During the same period in the previous year, the company posted ($0.06) earnings per share. The company’s revenue for the quarter was down 38.7% compared to the same quarter last year. On average, research analysts forecast that Navitas Semiconductor Corporation will post -0.39 EPS for the current year.
Insider Activity
In other Navitas Semiconductor news, CEO Chris Allexandre sold 13,323 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $31.81, for a total transaction of $423,804.63. Following the completion of the sale, the chief executive officer directly owned 1,072,633 shares in the company, valued at approximately $34,120,455.73. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary Kent Wunderlich, Jr. sold 73,000 shares of Navitas Semiconductor stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $28.11, for a total transaction of $2,052,030.00. Following the completion of the transaction, the director directly owned 13,964 shares of the company’s stock, valued at $392,528.04. This trade represents a 83.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 3,989,478 shares of company stock worth $116,356,387. 12.40% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Navitas Semiconductor
Several institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP raised its holdings in Navitas Semiconductor by 309.4% in the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock worth $26,000 after acquiring an additional 2,698 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Navitas Semiconductor by 189.8% during the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock valued at $29,000 after purchasing an additional 2,942 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Navitas Semiconductor by 116.5% in the 4th quarter. GAMMA Investing LLC now owns 4,736 shares of the company’s stock worth $34,000 after purchasing an additional 2,548 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Navitas Semiconductor by 3,200.0% in the first quarter. Geneos Wealth Management Inc. now owns 4,125 shares of the company’s stock worth $36,000 after purchasing an additional 4,000 shares during the last quarter. Finally, State of Wyoming raised its stake in shares of Navitas Semiconductor by 92.8% in the first quarter. State of Wyoming now owns 4,803 shares of the company’s stock worth $42,000 after purchasing an additional 2,312 shares during the last quarter. Institutional investors 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.
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