Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 4.4% – Still a Buy?

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s stock price shot up 4.4% on Wednesday . The stock traded as high as $8.76 and last traded at $8.69. 13,300,573 shares changed hands during trading, a decline of 50% from the average session volume of 26,442,777 shares. The stock had previously closed at $8.32.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on NVTS shares. CJS Securities lowered Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a research report on Monday, August 18th. Jefferies Financial Group raised shares of Navitas Semiconductor to a “hold” rating in a report on Tuesday, October 28th. Needham & Company LLC increased their price target on shares of Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Craig Hallum cut shares of Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $6.00 price target on the stock. in a report on Tuesday, August 5th. Finally, Morgan Stanley set a $4.40 price objective on shares of Navitas Semiconductor in a report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor currently has an average rating of “Hold” and an average price target of $6.48.

Navitas Semiconductor Stock Up 4.4%

The business’s fifty day moving average is $9.89 and its 200-day moving average is $7.67. The company has a market cap of $2.00 billion, a PE ratio of -13.58 and a beta of 3.14.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $10.11 million for the quarter, compared to the consensus estimate of $10.00 million. Navitas Semiconductor had a negative net margin of 220.85% and a negative return on equity of 14.86%. The company’s quarterly revenue was down 53.4% on a year-over-year basis. During the same period last year, the firm earned ($0.10) earnings per share. Analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Brian Long sold 1,493,046 shares of Navitas Semiconductor stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $8.54, for a total transaction of $12,750,612.84. Following the transaction, the director directly owned 222,349 shares in the company, valued at approximately $1,898,860.46. The trade was a 87.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Todd Glickman sold 96,313 shares of the business’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $10.56, for a total value of $1,017,065.28. Following the sale, the chief financial officer directly owned 891,268 shares of the company’s stock, valued at $9,411,790.08. This represents a 9.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 3,795,300 shares of company stock worth $26,841,567. 29.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in Navitas Semiconductor by 309.4% during the third 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 in the last quarter. Cantor Fitzgerald L. P. increased its stake in shares of Navitas Semiconductor by 62.0% in the third quarter. Cantor Fitzgerald L. P. now owns 90,150 shares of the company’s stock worth $651,000 after purchasing an additional 34,504 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Navitas Semiconductor by 74.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 17,598 shares of the company’s stock valued at $127,000 after purchasing an additional 7,500 shares during the period. CIBC Bancorp USA Inc. purchased a new position in shares of Navitas Semiconductor during the 3rd quarter valued at $103,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Navitas Semiconductor in the 3rd quarter worth $360,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.