Navitas Semiconductor (NASDAQ:NVTS) Price Target Cut to $10.00

Navitas Semiconductor (NASDAQ:NVTS) had its price target decreased by stock analysts at Needham & Company LLC from $11.00 to $10.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 59.74% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley lowered their price target on Navitas Semiconductor from $8.00 to $6.90 and set an “equal weight” rating for the company in a research report on Friday. Robert W. Baird boosted their price target on Navitas Semiconductor from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, August 16th. Bank of America lowered their price target on Navitas Semiconductor from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, August 15th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $12.00 price target on shares of Navitas Semiconductor in a research report on Thursday, September 7th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.41.

Navitas Semiconductor Stock Up 10.0 %

Shares of NASDAQ:NVTS opened at $6.26 on Friday. The company has a market cap of $1.09 billion, a P/E ratio of -8.46 and a beta of 2.55. Navitas Semiconductor has a 52 week low of $3.11 and a 52 week high of $11.16. The business has a fifty day simple moving average of $6.58 and a 200-day simple moving average of $7.99.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Thursday, November 9th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Navitas Semiconductor had a negative return on equity of 19.77% and a negative net margin of 180.86%. The business had revenue of $22.00 million during the quarter, compared to the consensus estimate of $21.00 million. During the same quarter in the previous year, the business earned ($0.18) earnings per share. The business’s revenue for the quarter was up 115.7% on a year-over-year basis. Sell-side analysts expect that Navitas Semiconductor will post -0.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Navitas Semiconductor news, CEO Eugene Sheridan sold 306,241 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $8.32, for a total transaction of $2,547,925.12. Following the transaction, the chief executive officer now owns 1,607,842 shares in the company, valued at $13,377,245.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Richard J. Hendrix sold 20,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $8.85, for a total value of $177,000.00. Following the transaction, the director now owns 163,282 shares in the company, valued at $1,445,045.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Eugene Sheridan sold 306,241 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $8.32, for a total value of $2,547,925.12. Following the completion of the transaction, the chief executive officer now owns 1,607,842 shares in the company, valued at approximately $13,377,245.44. The disclosure for this sale can be found here. Insiders have sold a total of 927,913 shares of company stock worth $7,649,401 over the last quarter. 36.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Navitas Semiconductor during the second quarter valued at approximately $30,000. Mariner LLC acquired a new stake in Navitas Semiconductor during the fourth quarter valued at approximately $35,000. Green Square Capital Advisors LLC acquired a new stake in Navitas Semiconductor during the fourth quarter valued at approximately $38,000. Verition Fund Management LLC acquired a new stake in Navitas Semiconductor during the second quarter valued at approximately $40,000. Finally, Legal & General Group Plc bought a new position in shares of Navitas Semiconductor during the second quarter valued at approximately $41,000. Institutional investors and hedge funds own 37.45% of the company’s stock.

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.