Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up to $3.96

Navitas Semiconductor Co. (NASDAQ:NVTS) gapped up before the market opened on Friday . The stock had previously closed at $3.96, but opened at $4.07. Navitas Semiconductor shares last traded at $4.02, with a volume of 154,303 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on NVTS shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $10.00 target price on shares of Navitas Semiconductor in a research note on Friday, June 7th. Jefferies Financial Group reaffirmed a “hold” rating and set a $4.00 target price (down previously from $10.00) on shares of Navitas Semiconductor in a research note on Monday, May 13th. Needham & Company LLC decreased their target price on shares of Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Finally, Robert W. Baird decreased their target price on shares of Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Navitas Semiconductor currently has an average rating of “Moderate Buy” and an average price target of $7.41.

Navitas Semiconductor Stock Down 0.8 %

The stock’s fifty day moving average price is $4.16 and its 200 day moving average price is $5.33. The stock has a market cap of $719.58 million, a PE ratio of -7.71 and a beta of 2.44.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Navitas Semiconductor had a negative return on equity of 21.22% and a negative net margin of 97.75%. The company had revenue of $23.18 million during the quarter, compared to analysts’ expectations of $23.15 million. On average, equities research analysts expect that Navitas Semiconductor Co. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Dipender Saluja sold 87,060 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $4.56, for a total value of $396,993.60. Following the sale, the director now owns 6,118,539 shares in the company, valued at $27,900,537.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 31.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Navitas Semiconductor by 37.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 905,524 shares of the company’s stock worth $6,293,000 after acquiring an additional 248,143 shares during the last quarter. Federated Hermes Inc. raised its position in shares of Navitas Semiconductor by 9,612.6% during the 3rd quarter. Federated Hermes Inc. now owns 33,800 shares of the company’s stock valued at $235,000 after purchasing an additional 33,452 shares during the period. Masters Capital Management LLC raised its position in shares of Navitas Semiconductor by 55.3% during the 4th quarter. Masters Capital Management LLC now owns 1,700,000 shares of the company’s stock valued at $13,719,000 after purchasing an additional 605,000 shares during the period. Vanguard Group Inc. raised its position in shares of Navitas Semiconductor by 14.2% during the 3rd quarter. Vanguard Group Inc. now owns 8,572,707 shares of the company’s stock valued at $59,580,000 after purchasing an additional 1,064,010 shares during the period. Finally, Kodai Capital Management LP bought a new stake in shares of Navitas Semiconductor during the 4th quarter valued at $31,869,000. 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.