Navitas Semiconductor (NASDAQ:NVTS) Trading Up 17.1% – Should You Buy?

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price was up 17.1% on Tuesday . The stock traded as high as $3.60 and last traded at $3.51. Approximately 2,327,277 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 3,929,475 shares. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on NVTS shares. Craig Hallum lowered their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Rosenblatt Securities reissued a “buy” rating and issued a $7.50 target price on shares of Navitas Semiconductor in a report on Thursday, October 31st. Robert W. Baird decreased their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Navitas Semiconductor has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Price Performance

The stock has a market cap of $622.04 million, a P/E ratio of -7.93 and a beta of 2.20. The firm’s 50-day moving average price is $3.37 and its 200-day moving average price is $2.89.

Insider Activity

In other news, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.04, for a total transaction of $323,200.00. Following the sale, the director now owns 356,709 shares in the company, valued at $1,441,104.36. This trade represents a 18.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 31.80% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors and hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC bought a new stake in Navitas Semiconductor in the fourth quarter worth $94,000. ProShare Advisors LLC increased its position in Navitas Semiconductor by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 35,532 shares of the company’s stock worth $127,000 after purchasing an additional 11,692 shares during the last quarter. Millennium Management LLC bought a new stake in Navitas Semiconductor in the fourth quarter worth $52,000. D. E. Shaw & Co. Inc. bought a new stake in Navitas Semiconductor in the fourth quarter worth $90,000. Finally, Deutsche Bank AG increased its position in Navitas Semiconductor by 72.8% in the fourth quarter. Deutsche Bank AG now owns 121,203 shares of the company’s stock worth $433,000 after purchasing an additional 51,045 shares during the last quarter. Institutional investors own 46.14% of the company’s stock.

About Navitas Semiconductor

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.