Navitas Semiconductor Corporation (NASDAQ:NVTS – Get Free Report)’s stock price rose 6% on Thursday . The company traded as high as $25.20 and last traded at $24.38. Approximately 37,501,184 shares changed hands during trading, an increase of 36% from the average daily volume of 27,601,953 shares. The stock had previously closed at $22.99.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on NVTS shares. Wall Street Zen upgraded shares of Navitas Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Needham & Company LLC increased their price objective on shares of Navitas Semiconductor from $13.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Morgan Stanley reiterated an “underweight” rating and set a $13.70 price target on shares of Navitas Semiconductor in a report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Tuesday, April 21st. Finally, Rosenblatt Securities increased their price target on Navitas Semiconductor from $7.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.87.
Read Our Latest Analysis on NVTS
Navitas Semiconductor Trading Up 6.0%
Navitas Semiconductor (NASDAQ:NVTS – Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $8.60 million during the quarter, compared to analysts’ expectations of $8.22 million. Navitas Semiconductor had a negative net margin of 330.67% and a negative return on equity of 14.30%. The business’s quarterly revenue was down 38.7% on a year-over-year basis. During the same period last year, the company posted ($0.06) earnings per share. Analysts forecast that Navitas Semiconductor Corporation will post -0.39 earnings per share for the current fiscal year.
Insider Activity
In other news, CEO Chris Allexandre sold 9,236 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer directly owned 813,323 shares in the company, valued at $7,262,974.39. This trade represents a 1.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Ranbir Singh sold 389,096 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $9.52, for a total value of $3,704,193.92. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 509,016 shares of company stock worth $4,967,814 in the last three months. Company insiders own 12.40% of the company’s stock.
Institutional Investors Weigh In On Navitas Semiconductor
Hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP grew its position in Navitas Semiconductor by 309.4% in the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock valued at $26,000 after purchasing an additional 2,698 shares during the period. NewEdge Advisors LLC grew its position in Navitas Semiconductor by 189.8% in 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 period. CWM LLC grew its position in Navitas Semiconductor by 24.7% in the 3rd quarter. CWM LLC now owns 4,515 shares of the company’s stock valued at $33,000 after purchasing an additional 893 shares during the period. GAMMA Investing LLC grew its position in Navitas Semiconductor by 116.5% in the 4th quarter. GAMMA Investing LLC now owns 4,736 shares of the company’s stock valued at $34,000 after purchasing an additional 2,548 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in Navitas Semiconductor by 3,200.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,125 shares of the company’s stock valued at $36,000 after purchasing an additional 4,000 shares during the period. Institutional investors and hedge funds own 46.14% of the company’s stock.
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.
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