Why Are Navitas Semiconductor Shares Surging Today?

Jefferies analyst Mark Lipacis initiated coverage of Navitas Semiconductor Corp NVTS with a Buy rating and $24 price target, implying a 22.6% upside.
Navitas' unique position as a supplier of highly integrated, low-cost, high-efficiency GaN-on-Si power chip charging solutions charge three times faster and 40% more efficiently than existing Si technology. All the factors position Navitas as a unique "pure-play ESG" company and translate to high growth and a premium valuation.
He expects Navitas to post a two-year revenue compound annual growth rate of 140%.
Price Action: NVTS shares traded higher by 5.44% at $19.57 on the last check Monday.