Navitas Semiconductor (NASDAQ:NVTS) Reaches New 52-Week High After Analyst Upgrade

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) hit a new 52-week high during mid-day trading on Friday after Rosenblatt Securities raised their price target on the stock from $4.00 to $6.00. Rosenblatt Securities currently has a buy rating on the stock. Navitas Semiconductor traded as high as $5.25 and last traded at $5.05, with a volume of 274944991 shares. The stock had previously closed at $1.91.

A number of other research analysts have also weighed in on the stock. Robert W. Baird reduced their price objective on shares of Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC reduced their price objective on shares of Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, Morgan Stanley lowered shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $2.10 to $1.50 in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.79.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director Brian Long sold 47,189 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the transaction, the director now directly owns 31,460 shares of the company’s stock, valued at $74,245.60. This trade represents a 60.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Moxam sold 75,000 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $2.08, for a total transaction of $156,000.00. Following the completion of the transaction, the director now directly owns 792,848 shares of the company’s stock, valued at approximately $1,649,123.84. The trade was a 8.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 153,877 shares of company stock worth $349,262. Corporate insiders own 31.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NVTS. Simplicity Wealth LLC bought a new position in Navitas Semiconductor in the 1st quarter valued at $26,000. Larson Financial Group LLC bought a new position in Navitas Semiconductor in the 1st quarter valued at $28,000. Benjamin Edwards Inc. bought a new position in Navitas Semiconductor in the 1st quarter valued at $31,000. Goodman Financial Corp bought a new stake in shares of Navitas Semiconductor during the 4th quarter worth $36,000. Finally, Caption Management LLC bought a new stake in shares of Navitas Semiconductor during the 4th quarter worth $36,000. 46.14% of the stock is owned by institutional investors.

Navitas Semiconductor Trading Down 12.7%

The company has a market capitalization of $845.87 million, a P/E ratio of -10.50 and a beta of 2.24. The business’s fifty day moving average price is $2.06 and its 200-day moving average price is $2.67.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting 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 company had revenue of $14.02 million during the quarter, compared to the consensus estimate of $14.01 million. During the same period in the previous year, the firm posted ($0.06) EPS. The firm’s revenue was down 39.7% compared to the same quarter last year. As a group, equities research analysts forecast that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

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.