Navitas Semiconductor (NASDAQ:NVTS) Sees Strong Trading Volume – Here’s What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS) shares saw strong trading volume on Monday . 12,135,474 shares changed hands during mid-day trading, an increase of 12% from the previous session’s volume of 10,861,820 shares.The stock last traded at $7.78 and had previously closed at $7.32.

Analyst Ratings Changes

Several research firms have issued reports on NVTS. Morgan Stanley cut Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Needham & Company LLC reduced their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Robert W. Baird decreased their price objective on shares of Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Finally, Rosenblatt Securities increased their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and an average target price of $3.79.

Navitas Semiconductor Stock Down 0.1%

The company has a market capitalization of $1.40 billion, a P/E ratio of -17.46 and a beta of 2.96. The business has a 50 day moving average of $3.38 and a 200 day moving average of $3.13.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business had revenue of $14.02 million for the quarter, compared to analysts’ expectations of $14.01 million. During the same period last year, the business earned ($0.06) EPS. The company’s revenue was down 39.7% compared to the same quarter last year. On average, research analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Sicpower, Llc sold 8,500 shares of Navitas Semiconductor stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $6.53, for a total transaction of $55,505.00. Following the completion of the transaction, the insider now directly owns 24,874,661 shares in the company, valued at $162,431,536.33. The trade was a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eugene Sheridan sold 238,668 shares of the business’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $7.50, for a total value of $1,790,010.00. Following the transaction, the chief executive officer now owns 461,332 shares in the company, valued at approximately $3,459,990. This represents a 34.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,136,189 shares of company stock worth $99,883,743 in the last 90 days. Insiders own 29.90% of the company’s stock.

Institutional Trading of Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in NVTS. Bank of America Corp DE grew its holdings in Navitas Semiconductor by 180.5% during the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock worth $4,407,000 after acquiring an additional 794,371 shares during the period. Invesco Ltd. lifted its holdings in Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock valued at $3,751,000 after purchasing an additional 331,832 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Navitas Semiconductor during the first quarter worth approximately $675,000. Susquehanna Fundamental Investments LLC acquired a new position in Navitas Semiconductor in the fourth quarter worth $1,170,000. Finally, Edge Capital Group LLC bought a new position in shares of Navitas Semiconductor in the 4th quarter worth $987,000. 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.