Navitas Semiconductor Corp (NASDAQ:NVTS) shares are charging higher during Thursday’s session. The Nasdaq is up 0.35% while the S&P 500 has gained 0.06%.
Veteran Leadership Joins Board
The company announced the appointment of Gregory Fischer to its Board of Directors on Monday.
Fischer brings over 40 years of industry experience. He previously served as Senior Vice President at Broadcom Inc. (NASDAQ:AVGO).
Strategic Market Pivot
Chairman Richard Hendrix noted Fischer joins at a “pivotal time.” The company is currently executing a Navitas 2.0 strategy.
This shift focuses on high-power markets, including artificial intelligence (AI) data centers and industrial electrification.
Fischer will serve on the Compensation and Executive Steering committees.
Short Interest Dynamics
Data shows that short interest recently decreased. 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.
Technical Analysis And Earnings Outlook
Navitas will report first-quarter earnings on May 5. Analysts expect a loss of 6 cents per share. Revenue is projected at $8.15 million.
Navitas is holding in the upper half of its 52-week range of $1.67 to $17.79. The stock is trading 28.4% above its 20-day simple moving average (SMA) and 31% above its 100-day SMA.
The moving average stack is also constructive, with the 20-day SMA above the 50-day SMA and a golden cross in June.
The 12-month gain of 575.14% shows how aggressively the tape has repriced the story.
- Key Resistance: $18
- Key Support: $9
NVTS Price Action: Navitas Semiconductor shares were up 16.42% at $11.94 at the time of publication on Thursday, according to Benzinga Pro data.
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