Navitas Semiconductor Corp (NVTS) continued its upward trajectory, soaring 5.08% in pre-market trading on Tuesday. This surge follows an impressive rally of nearly 25% during Monday's regular trading session, as investors react to the company's announcement of its upcoming earnings report and positive sentiment in the semiconductor sector.
The catalyst for this bullish momentum appears to be Navitas' announcement that it will report earnings on August 4. Despite the lack of specific earnings projections, investors are showing strong optimism about the company's potential performance. This enthusiasm is further fueled by broader positive sentiment in the semiconductor industry, as evidenced by an upgrade of Texas Instruments (TXN) by Seaport Global Securities analyst Jay Goldberg, who noted improving conditions in the analog inventory cycle.
Monday's trading session saw extraordinary options activity for Navitas, with 243,247 options traded - a volume 10.2 times higher than the 90-day average. Notably, bullish bets on NVTS showed significant gains, with the $10 strike call option expiring this Friday surging by an astounding 2400%. This options activity suggests that traders are positioning themselves for potential further upside in Navitas stock, contributing to the pre-market rally. As the company approaches its earnings report, investors will be closely watching for signs of growth and improved market conditions in the power management chip sector.
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