Navitas Semiconductor (NVTS) shares climbed nearly 20% on Friday to reach a new 52-week high. The rally followed a quarterly earnings report that exceeded analyst expectations. Management issued a Q2 revenue forecast of approximately $10 million, surpassing market estimates.
Baird raised its price target for the stock from $9 to $20. Needham increased its price target from $13 to $21. Both firms highlighted the company's strategic expansion into AI data-center power systems.
A high short interest of 21% likely triggered a short squeeze during the rally. The company also recently signed a GaN technology licensing deal with Cyient Semiconductors in India.