Navitas Semiconductor Corp's stock soared 9.98% during intraday trading on Wednesday, reflecting a significant upward movement for the semiconductor company.

The surge was part of a broad rally across the semiconductor sector, which provided the momentum for Navitas to experience a technical rebound. The stock had been in an oversold condition following consecutive sessions of steep declines.

Those previous declines were driven by the company's weak first-quarter results, which showed a widening loss per share and declining gross margin, coupled with the announcement of a planned stock offering. The sector-wide upward movement allowed this pent-up rebound demand to be released.