Navitas Semiconductor Co. (NASDAQ:NVTS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Navitas Semiconductor Co. (NASDAQ:NVTS) has received a consensus rating of “Moderate Buy” from the eight analysts that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $6.00.

NVTS has been the topic of several research reports. Morgan Stanley reduced their target price on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Craig Hallum reduced their price objective on Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC lowered their target price on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Rosenblatt Securities restated a “buy” rating and issued a $10.00 price target on shares of Navitas Semiconductor in a research report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th.

Navitas Semiconductor Trading Up 2.8 %

NASDAQ NVTS opened at $2.24 on Wednesday. Navitas Semiconductor has a 12 month low of $2.14 and a 12 month high of $8.44. The stock’s 50 day moving average is $3.06 and its 200 day moving average is $3.86. The stock has a market cap of $410.15 million, a PE ratio of -4.39 and a beta of 2.40.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, August 5th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The company had revenue of $20.50 million for the quarter, compared to the consensus estimate of $20.01 million. Navitas Semiconductor had a negative return on equity of 22.29% and a negative net margin of 55.70%. Navitas Semiconductor’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.12) EPS. On average, analysts forecast that Navitas Semiconductor will post -0.53 EPS for the current fiscal year.

Insider Transactions at Navitas Semiconductor

In related news, CEO Eugene Sheridan sold 193,662 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $3.03, for a total transaction of $586,795.86. Following the transaction, the chief executive officer now directly owns 2,149,631 shares in the company, valued at approximately $6,513,381.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Eugene Sheridan sold 193,662 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $3.03, for a total transaction of $586,795.86. Following the completion of the transaction, the chief executive officer now owns 2,149,631 shares in the company, valued at approximately $6,513,381.93. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Daniel M. Kinzer sold 150,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $3.10, for a total value of $465,000.00. Following the completion of the sale, the chief operating officer now owns 4,388,353 shares in the company, valued at approximately $13,603,894.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 829,852 shares of company stock worth $2,528,252. 31.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors have recently modified their holdings of NVTS. Point72 DIFC Ltd bought a new position in Navitas Semiconductor in the second quarter worth approximately $71,000. Point72 Asset Management L.P. increased its holdings in Navitas Semiconductor by 2,656.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock worth $16,834,000 after purchasing an additional 4,127,940 shares during the period. Algert Global LLC purchased a new position in Navitas Semiconductor during the 2nd quarter worth $50,000. The Manufacturers Life Insurance Company increased its holdings in Navitas Semiconductor by 16.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,998 shares of the company’s stock worth $283,000 after purchasing an additional 10,024 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in Navitas Semiconductor during the 2nd quarter worth $2,364,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.