Navitas Semiconductor (NASDAQ:NVTS) Shares Up 9.2%

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

Analysts Set New Price Targets

NVTS has been the topic of a number of research reports. Needham & Company LLC decreased their price target 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. Northland Securities started coverage on shares of Navitas Semiconductor in a report on Tuesday, January 16th. They issued a “market perform” rating for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Navitas Semiconductor in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $9.82.

Navitas Semiconductor Stock Performance

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

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $26.06 million for the quarter, compared to analyst estimates of $25.68 million. Navitas Semiconductor had a negative return on equity of 18.81% and a negative net margin of 183.04%. On average, equities analysts anticipate that Navitas Semiconductor Co. will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Eugene Sheridan sold 38,431 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $184,468.80. Following the sale, the chief executive officer now owns 3,061,631 shares in the company, valued at approximately $14,695,828.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Navitas Semiconductor news, CEO Eugene Sheridan sold 38,431 shares of the business’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 $184,468.80. Following the sale, the chief executive officer now directly owns 3,061,631 shares of the company’s stock, valued at approximately $14,695,828.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Daniel M. Kinzer sold 24,073 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 $115,550.40. Following the completion of the transaction, the chief operating officer now owns 4,538,353 shares of the company’s stock, valued at $21,784,094.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,429 shares of company stock valued at $352,459. 36.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC increased its position in Navitas Semiconductor by 241.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company’s stock valued at $57,000 after purchasing an additional 4,982 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Navitas Semiconductor by 52.3% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 11,210 shares of the company’s stock valued at $76,000 after buying an additional 3,850 shares during the period. Atria Wealth Solutions Inc. bought a new stake in Navitas Semiconductor during the fourth quarter valued at $81,000. Mackenzie Financial Corp bought a new position in shares of Navitas Semiconductor in the 3rd quarter worth about $87,000. Finally, Alpine Global Management LLC acquired a new position in shares of Navitas Semiconductor in the 3rd quarter valued at about $119,000. 46.14% of the stock is owned by institutional investors and hedge funds.

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.