Navitas Semiconductor Corp (NASDAQ:NVTS) shares are moving sharply higher during Tuesday’s session. The stock is decoupling from the broader indices.
Currently, the Nasdaq Composite is down 0.12%. The S&P 500 has also shed 0.32%.
Strategic Board Appointment Drives Sentiment
The recent momentum follows the appointment of Gregory Fischer as an independent director to the company’s board of directors.
Fischer brings over 40 years of semiconductor industry experience. He previously served as senior vice president at Broadcom Inc (NASDAQ:AVGO).
Short Interest Dynamics
Data shows that short interest decreased marginally. Total shorted shares fell from 43.80 million to 43.48 million.
Currently, 25.11% of the float is held short. At average volumes, it would take 1.96 days for shorts to cover.
The stock is experiencing a short squeeze.
Technical Analysis
Navitas is trading near the upper end of its 52-week range of $1.72 to $17.79. The stock is trading 60.8% above its 20-day simple moving average (SMA) and 71.1% above its 100-day SMA.
The relative strength index (RSI), a momentum gauge, is 75.73.
- Key Resistance: $18
- Key Support: $12.50
Earnings & Analyst Outlook
Navitas Semiconductor’s stock is set to report earnings on May 5.
- EPS Estimate: Loss of 5 cents (Up from Loss of 6 cents YoY)
- Revenue Estimate: $8.15 million (Down from $14.02 million YoY)
NVTS Stock Price Activity: Navitas Semiconductor shares were up 19.51% at $15.78 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo: Miha Creative / Shutterstock
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