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Why Navitas Semiconductor Stock Skyrocketed This Week

TheMotleyFool

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Why Navitas Semiconductor Stock Skyrocketed This WeekPhoto, 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

Navitas Semiconductor (NASDAQ: NVTS) stock posted massive gains this week. The chip company's share price rose 40.3% compared to its closing price at the end of the previous week.

Navitas stock got a substantial lift from the bullish backdrop for the broader market, with the S 500 up 0.5% in the week and the Nasdaq Composite up 1.5%. While positive momentum for the market helps explain some of Navitas's gains this week, the stock's rally over the week still looks anomalous.

Image source: Getty Images.

Source Fool.com