Why Navitas Rocketed Higher Today
Shares of power semiconductor company Navitas (NASDAQ: NVTS) rallied 24.5% as of 1:42 p.m. today, following its earnings report last night.
While Navitas reported declining revenues and worsening net losses, this was anticipated, as management is pivoting from Navitas' traditional markets to the new high-power AI data center opportunity.
But the reason Navitas is rallying higher is that it forecast a sequential increase in revenue, somewhat validating management's strategy and in these early stages of its turnaround plan.
Source Fool.com
