Navitas Semiconductor (NASDAQ:NVTS) Shares Up 10.4% – Here’s What Happened

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS) rose 10.4% on Tuesday. The stock traded as high as $9.23 and last traded at $9.2730. Approximately 6,377,119 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 22,880,588 shares. The stock had previously closed at $8.40.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $13.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, September 29th. Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a report on Tuesday, July 28th. Wall Street Zen downgraded shares of Navitas Semiconductor from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $12.60 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Navitas Semiconductor currently has a consensus rating of “Hold” and an average target price of $15.92.

Navitas Semiconductor Price Performance

The firm has a 50 day moving average of $11.24 and a 200-day moving average of $13.27. The stock has a market capitalization of $2.41 billion, a P/E ratio of -6.93 and a beta of 3.96.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, July 27th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $10.53 million during the quarter, compared to analysts’ expectations of $9.97 million. Navitas Semiconductor had a negative net margin of 856.85% and a negative return on equity of 13.13%. The firm’s revenue was down 27.3% on a year-over-year basis. During the same period last year, the business earned ($0.25) earnings per share. As a group, equities analysts expect that Navitas Semiconductor Corporation will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On Navitas Semiconductor

A number of large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc purchased a new stake in Navitas Semiconductor in the second quarter worth $2,782,000. Jupiter Topco LLC purchased a new position in shares of Navitas Semiconductor in the 2nd quarter worth $1,649,000. Wellington Management Group LLP purchased a new position in shares of Navitas Semiconductor in the second quarter worth approximately $16,757,000. Tidal Investments LLC boosted its position in shares of Navitas Semiconductor by 161.2% in the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock worth $20,289,000 after purchasing an additional 698,683 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Navitas Semiconductor by 21.8% in the first quarter. Bank of New York Mellon Corp now owns 566,465 shares of the company’s stock worth $4,968,000 after acquiring an additional 101,389 shares in the last quarter. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation (NASDAQ:NVTS) develops power semiconductor technologies designed to improve the efficiency, performance and size of electronic systems. The company specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, which are used to convert and manage electrical power.

Its product portfolio includes GaNFast power ICs, GeneSiC silicon carbide products and related power-management solutions. These technologies are used in applications such as mobile and consumer chargers, data centers, solar inverters, electric vehicles, energy storage systems, appliances and industrial equipment.

Founded in 2014, Navitas serves customers and markets globally through its semiconductor products and engineering support.