Navitas Semiconductor (NASDAQ:NVTS) Sees Unusually-High Trading Volume – Defense World
Posted by Defense World Staff on Jun 14th, 2024 
Navitas Semiconductor Co. (NASDAQ:NVTS – Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 1,405,607 shares changed hands during trading, a decline of 49% from the previous session’s volume of 2,760,636 shares.The stock last traded at $5.02 and had previously closed at $4.54.
Several equities research analysts recently issued reports on NVTS shares. Jefferies Financial Group reaffirmed a “hold” rating and set a $4.00 price target (down previously from $10.00) on shares of Navitas Semiconductor in a research note on Monday, May 13th. Rosenblatt Securities reissued a “buy” rating and issued a $10.00 target price on shares of Navitas Semiconductor in a research report on Friday, June 7th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Needham & Company LLC dropped their target price on shares of Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Finally, Robert W. Baird dropped their target price on shares of Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.41.
View Our Latest Stock Report on NVTS
The business’s 50-day moving average is $4.18 and its two-hundred day moving average is $5.59.
Navitas Semiconductor (NASDAQ:NVTS – Get Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). Navitas Semiconductor had a negative net margin of 97.75% and a negative return on equity of 21.22%. The business had revenue of $23.18 million for the quarter, compared to the consensus estimate of $23.15 million. On average, research analysts expect that Navitas Semiconductor Co. will post -0.53 earnings per share for the current year.
In other Navitas Semiconductor news, Director Dipender Saluja sold 87,060 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $4.56, for a total transaction of $396,993.60. Following the completion of the transaction, the director now directly owns 6,118,539 shares of the company’s stock, valued at approximately $27,900,537.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 31.80% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its stake in shares of Navitas Semiconductor by 241.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company’s stock worth $57,000 after acquiring an additional 4,982 shares during the period. Atria Wealth Solutions Inc. bought a new stake in shares of Navitas Semiconductor in the 4th quarter worth approximately $81,000. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Navitas Semiconductor by 72.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company’s stock worth $63,000 after purchasing an additional 5,550 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Navitas Semiconductor in the 1st quarter worth approximately $65,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Navitas Semiconductor by 23.9% in the 4th quarter. Victory Capital Management Inc. now owns 15,842 shares of the company’s stock worth $128,000 after purchasing an additional 3,052 shares in the last quarter. 46.14% of the stock is owned by institutional investors and hedge funds.
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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.
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