Navitas Semiconductor (NASDAQ:NVTS) Cut to Hold at Craig Hallum

Craig Hallum cut shares of Navitas Semiconductor (NASDAQ:NVTS) from a buy rating to a hold rating in a report issued on Tuesday, MarketBeat reports. They currently have $6.00 price target on the stock.

Several other brokerages have also recently weighed in on NVTS. Deutsche Bank Aktiengesellschaft cut Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $3.50 price target on the stock. in a research note on Tuesday, June 17th. Rosenblatt Securities upped their target price on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Morgan Stanley lowered shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. Finally, Needham & Company LLC lowered their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.65.

Navitas Semiconductor Price Performance

NVTS stock opened at $6.79 on Tuesday. Navitas Semiconductor has a 1 year low of $1.52 and a 1 year high of $9.48. The firm has a 50-day moving average of $6.96 and a 200 day moving average of $4.07. The company has a market cap of $1.30 billion, a P/E ratio of -10.45 and a beta of 3.02.

Navitas Semiconductor (NASDAQ:NVTS) last posted its earnings results on Monday, August 4th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Navitas Semiconductor had a negative return on equity of 18.16% and a negative net margin of 182.63%. The firm had revenue of $14.49 million for the quarter, compared to the consensus estimate of $14.43 million. During the same quarter in the prior year, the business earned ($0.07) EPS. The business’s revenue for the quarter was down 29.2% on a year-over-year basis. On average, equities research analysts expect that Navitas Semiconductor will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, Director David Moxam sold 714,199 shares of the business’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $6.50, for a total value of $4,642,293.50. Following the sale, the director directly owned 78,649 shares of the company’s stock, valued at approximately $511,218.50. The trade was a 90.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Eugene Sheridan sold 2,155,783 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $4.49, for a total value of $9,679,465.67. The disclosure for this sale can be found here. Insiders have sold 15,084,600 shares of company stock valued at $99,761,157 in the last ninety days. Corporate insiders own 29.90% of the company’s stock.

Institutional Trading of Navitas Semiconductor

A number of institutional investors and hedge funds have recently bought and sold shares of NVTS. Bank of America Corp DE lifted its stake in shares of Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock worth $4,407,000 after buying an additional 794,371 shares in the last quarter. Invesco Ltd. raised its holdings in Navitas Semiconductor by 22.2% in the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock worth $3,751,000 after acquiring an additional 331,832 shares during the last quarter. Nuveen LLC bought a new position in Navitas Semiconductor in the 1st quarter valued at approximately $675,000. Susquehanna Fundamental Investments LLC bought a new position in Navitas Semiconductor in the 4th quarter valued at approximately $1,170,000. Finally, SCS Capital Management LLC purchased a new stake in Navitas Semiconductor during the 1st quarter valued at $567,000. 46.14% of the stock is currently 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.