Navitas Semiconductor (NASDAQ:NVTS) PT Lowered to $7.00

Navitas Semiconductor (NASDAQ:NVTS) had its price target lowered by investment analysts at Needham & Company LLC from $9.00 to $7.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 49.25% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Rosenblatt Securities reissued a “buy” rating and issued a $12.00 target price on shares of Navitas Semiconductor in a research report on Friday, May 3rd. Robert W. Baird cut their price objective on shares of Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, Northland Securities assumed coverage on shares of Navitas Semiconductor in a research report on Tuesday, January 16th. They issued a “market perform” rating for the company. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.65.

Navitas Semiconductor Stock Performance

Shares of NVTS stock opened at $4.69 on Friday. Navitas Semiconductor has a 52 week low of $3.54 and a 52 week high of $11.16. The company’s 50 day moving average price is $4.58 and its two-hundred day moving average price is $5.94. The company has a market capitalization of $840.68 million, a P/E ratio of -5.33 and a beta of 2.52.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. Navitas Semiconductor had a negative net margin of 183.04% and a negative return on equity of 18.81%. The business had revenue of $26.06 million for the quarter, compared to analysts’ expectations of $25.68 million. Analysts forecast that Navitas Semiconductor will post -0.46 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Daniel M. Kinzer sold 24,073 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $115,550.40. Following the transaction, the chief operating officer now directly owns 4,538,353 shares of the company’s stock, valued at $21,784,094.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Daniel M. Kinzer sold 24,073 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $115,550.40. Following the transaction, the chief operating officer now owns 4,538,353 shares in the company, valued at approximately $21,784,094.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Eugene Sheridan sold 38,431 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $184,468.80. Following the completion of the transaction, the chief executive officer now directly owns 3,061,631 shares in the company, valued at $14,695,828.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 73,429 shares of company stock valued at $352,459. 36.80% of the stock is owned by insiders.

Institutional Trading of Navitas Semiconductor

Several hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in shares of Navitas Semiconductor by 241.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company’s stock worth $57,000 after buying an additional 4,982 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in Navitas Semiconductor by 72.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company’s stock worth $63,000 after purchasing an additional 5,550 shares in the last quarter. SG Americas Securities LLC bought a new stake in Navitas Semiconductor in the 1st quarter valued at about $65,000. Atria Wealth Solutions Inc. acquired a new position in shares of Navitas Semiconductor during the 4th quarter worth approximately $81,000. Finally, Mackenzie Financial Corp acquired a new position in shares of Navitas Semiconductor during the 3rd quarter worth approximately $87,000. 46.14% of the stock is owned by institutional investors and hedge funds.

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company's products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.