Brokerages Set Navitas Semiconductor Co. (NASDAQ:NVTS) Target Price at $4.75

Navitas Semiconductor Co. (NASDAQ:NVTS) has been assigned an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $4.75.

NVTS has been the topic of a number of analyst reports. Robert W. Baird dropped their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Craig Hallum cut their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft dropped their target price on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st.

Navitas Semiconductor Price Performance

NASDAQ NVTS opened at $3.49 on Friday. Navitas Semiconductor has a 1 year low of $1.75 and a 1 year high of $7.51. The company has a market capitalization of $651.92 million, a PE ratio of -8.31 and a beta of 2.37. The company has a fifty day moving average of $2.94 and a 200 day moving average of $3.11.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The business had revenue of $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.10) EPS. Research analysts expect that Navitas Semiconductor will post -0.51 earnings per share for the current year.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.04, for a total transaction of $323,200.00. Following the sale, the director now owns 356,709 shares of the company’s stock, valued at $1,441,104.36. The trade was a 18.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 31.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently modified their holdings of NVTS. Rice Hall James & Associates LLC purchased a new stake in Navitas Semiconductor during the 2nd quarter valued at about $2,151,000. Point72 Asset Management L.P. grew its position in shares of Navitas Semiconductor by 2,656.2% in the second 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 in the last quarter. State Street Corp increased its holdings in shares of Navitas Semiconductor by 4.0% in the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after purchasing an additional 221,575 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Navitas Semiconductor during the second quarter worth approximately $2,364,000. Finally, Mirabella Financial Services LLP acquired a new position in Navitas Semiconductor during the third quarter worth $943,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

About Navitas Semiconductor

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.