Why Navitas Semiconductor Stock Skyrocketed This Week

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.

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Source Fool.com