Rosenblatt Securities Reiterates “Buy” Rating for Navitas Semiconductor (NASDAQ:NVTS)

Navitas Semiconductor (NASDAQ:NVTS)‘s stock had its “buy” rating restated by equities research analysts at Rosenblatt Securities in a note issued to investors on Thursday, Benzinga reports. They presently have a $7.50 target price on the stock. Rosenblatt Securities’ price target would indicate a potential upside of 180.90% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC lowered their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft dropped their price target on Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Morgan Stanley decreased their price objective on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Finally, Craig Hallum cut their price target on shares of Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.64.

Navitas Semiconductor Stock Down 6.3 %

Shares of NVTS opened at $2.67 on Thursday. The stock’s fifty day simple moving average is $2.56 and its 200-day simple moving average is $3.49. The firm has a market capitalization of $488.88 million, a PE ratio of -9.54 and a beta of 2.38. Navitas Semiconductor has a 12-month low of $2.14 and a 12-month high of $8.44.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly 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). Navitas Semiconductor had a negative return on equity of 22.29% and a negative net margin of 55.70%. The business had revenue of $20.50 million for the quarter, compared to the consensus estimate of $20.01 million. During the same period last year, the firm earned ($0.12) earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. Analysts anticipate that Navitas Semiconductor will post -0.53 EPS for the current year.

Insider Activity

In other news, CEO Eugene Sheridan sold 453,190 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $3.03, for a total transaction of $1,373,165.70. Following the sale, the chief executive officer now owns 2,608,441 shares in the company, valued at $7,903,576.23. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Eugene Sheridan sold 453,190 shares of Navitas Semiconductor stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $3.03, for a total value of $1,373,165.70. Following the completion of the transaction, the chief executive officer now owns 2,608,441 shares of the company’s stock, valued at $7,903,576.23. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Moxam sold 33,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $3.13, for a total transaction of $103,290.00. Following the completion of the sale, the director now directly owns 867,848 shares in the company, valued at approximately $2,716,364.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,852 shares of company stock worth $2,528,252 in the last quarter. Corporate insiders own 31.80% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Navitas Semiconductor by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 9,009,587 shares of the company’s stock valued at $42,976,000 after buying an additional 232,496 shares during the last quarter. Kodai Capital Management LP increased its stake in shares of Navitas Semiconductor by 14.3% during the first quarter. Kodai Capital Management LP now owns 4,514,576 shares of the company’s stock worth $21,535,000 after purchasing an additional 565,463 shares during the period. Point72 Asset Management L.P. boosted its stake in Navitas Semiconductor by 2,656.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock valued at $16,834,000 after purchasing an additional 4,127,940 shares during the period. Masters Capital Management LLC grew its holdings in Navitas Semiconductor by 90.0% in the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock valued at $7,467,000 after buying an additional 900,000 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in Navitas Semiconductor in the 2nd quarter valued at $2,364,000. Institutional investors own 46.14% of the company’s stock.

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.