Navitas Semiconductor Corp. (NASDAQ:NVTS) shares fell in Friday’s premarket trading, likely reflecting profit-taking after the stock surged more than 20% in the previous session.
The stock closed Friday at $12.37, up $2.11, or 20.57%.
Earlier this week, Navitas announced the appointment of Gregory Fischer to its board of directors.
Fischer brings more than four decades of industry experience, including his prior role as senior vice president at Broadcom Inc. (NASDAQ:AVGO).
Short Interest Data
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
Navitas Semiconductor is currently trading 31.7% above its 20-day simple moving average (SMA) and 36.1% above its 100-day SMA, suggesting strong short-term momentum. The stock’s 12-month performance shows a remarkable gain of 579.67%, reflecting significant investor interest over the past year.
The relative strength index (RSI) is at 71.79, indicating that the stock is in …
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