Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – Should You Buy?

Navitas Semiconductor Co. (NASDAQ:NVTS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.99, but opened at $3.14. Navitas Semiconductor shares last traded at $3.01, with a volume of 1,097,567 shares traded.

Analyst Ratings Changes

NVTS has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Rosenblatt Securities reiterated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Craig Hallum dropped their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, Robert W. Baird reduced their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.75.

Navitas Semiconductor Price Performance

The firm has a 50-day moving average price of $3.38 and a 200 day moving average price of $2.99.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.06) EPS for the quarter, meeting analysts’ consensus estimates of ($0.06). Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The firm had revenue of $21.68 million for the quarter, compared to analyst estimates of $21.93 million. During the same period in the prior year, the firm posted ($0.10) EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. Sell-side analysts expect that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the completion of the transaction, the director now directly owns 356,709 shares of the company’s stock, valued at $1,441,104.36. The trade was a 18.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 31.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp increased its holdings in Navitas Semiconductor by 4.0% in the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after buying an additional 221,575 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $2,364,000. Mirabella Financial Services LLP bought a new position in Navitas Semiconductor in the third quarter valued at approximately $943,000. Walleye Capital LLC acquired a new position in Navitas Semiconductor during the third quarter valued at approximately $283,000. Finally, Bleakley Financial Group LLC bought a new stake in Navitas Semiconductor during the third quarter worth $41,000. Institutional investors and hedge funds 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.