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

Navitas Semiconductor (NASDAQ:NVTS)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $12.00 target price on the stock. Rosenblatt Securities’ price objective suggests a potential upside of 158.06% from the company’s current price.

NVTS has been the subject of several other reports. Northland Securities began coverage on shares of Navitas Semiconductor in a report on Tuesday, January 16th. They issued a “market perform” rating for the company. Needham & Company LLC cut their price objective on shares of Navitas Semiconductor from $10.00 to $9.00 and set a “buy” rating for the company in a report on Friday, March 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.82.

Navitas Semiconductor Stock Up 7.1 %

Shares of NVTS stock opened at $4.65 on Friday. The company has a 50 day moving average of $4.67 and a 200-day moving average of $5.97. Navitas Semiconductor has a 12-month low of $3.54 and a 12-month high of $11.16. The firm has a market cap of $833.51 million, a P/E ratio of -5.28 and a beta of 2.52.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $26.06 million during the quarter, compared to analyst estimates of $25.68 million. Navitas Semiconductor had a negative net margin of 183.04% and a negative return on equity of 18.81%. As a group, equities analysts expect that Navitas Semiconductor will post -0.46 EPS for the current year.

Insider Buying and Selling at Navitas Semiconductor

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

Institutional Trading of Navitas Semiconductor

Hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Navitas Semiconductor by 37.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 905,524 shares of the company’s stock worth $6,293,000 after acquiring an additional 248,143 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Navitas Semiconductor by 9,612.6% during the 3rd quarter. Federated Hermes Inc. now owns 33,800 shares of the company’s stock worth $235,000 after acquiring an additional 33,452 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Navitas Semiconductor by 14.2% during the 3rd quarter. Vanguard Group Inc. now owns 8,572,707 shares of the company’s stock worth $59,580,000 after acquiring an additional 1,064,010 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Navitas Semiconductor by 16.6% during the 3rd quarter. Swiss National Bank now owns 265,400 shares of the company’s stock worth $1,845,000 after acquiring an additional 37,700 shares during the last quarter. Finally, Graham Capital Management L.P. bought a new stake in shares of Navitas Semiconductor during the 3rd quarter worth $410,000. 46.14% of the stock is owned by 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.