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Why Navitas Semiconductor Rallied Today

TheMotleyFool

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Why Navitas Semiconductor Rallied TodayPhoto, wide shot, wide-angle lens, soft focus, Networking equipment supplier, sunset photo at golden hour, photo by Art Wolfe: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-LvyAFCAMshu3rGBke5G5gxuI.png?st=2023-05-10T15%3A37%3A29Z&se=2023-05-10T17%3A37%3A29Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-10T02%3A36%3A27Z&ske=2023-05-11T02%3A36%3A27Z&sks=b&skv=2021-08-06&sig=nXxCmLby4SxAAd/YtNVxZStdXrs9BCydapQDQaR/oac%3D

Shares of power-oriented semiconductor company Navitas Semiconductor (NASDAQ: NVTS) rallied on Tuesday, vaulting 17.1% on Tuesday as of 2:18 p.m.

Navitas' move higher was all the more notable, as the major indexes were down on the day at that time.

While there wasn't any company-specific news today, Navitas appears to have become one of the new cohort of meme stocks. Many members of the new meme stock lineup are up today, as traders apparently seek off-the-radar trades.

Source Fool.com