Navitas Semiconductor (NASDAQ:NVTS) Downgraded to Market Perform Rating by CJS Securities

CJS Securities cut shares of Navitas Semiconductor (NASDAQ:NVTS) from an outperform rating to a market perform rating in a report published on Monday morning, MarketBeat reports.

A number of other research analysts have also issued reports on NVTS. Craig Hallum lowered shares of Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $6.00 target price for the company. in a research note on Tuesday, August 5th. Morgan Stanley set a $4.40 target price on shares of Navitas Semiconductor in a research note on Tuesday, August 5th. Needham & Company LLC boosted their target price on shares of Navitas Semiconductor from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft lowered shares of Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $3.50 target price for the company. in a research note on Tuesday, June 17th. Finally, Rosenblatt Securities reduced their target price on shares of Navitas Semiconductor from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Navitas Semiconductor has a consensus rating of “Hold” and a consensus price target of $5.65.

Navitas Semiconductor Stock Performance

NASDAQ NVTS opened at $6.77 on Monday. The company has a 50-day simple moving average of $7.07 and a 200-day simple moving average of $4.27. The firm has a market capitalization of $1.44 billion, a PE ratio of -10.42 and a beta of 3.02. Navitas Semiconductor has a one year low of $1.52 and a one year high of $9.48.

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

Insider Activity at Navitas Semiconductor

In related news, Director Ranbir Singh purchased 18,645,603 shares of the company’s stock in a transaction on Monday, July 28th. The shares were bought at an average cost of $8.79 per share, for a total transaction of $163,894,850.37. Following the transaction, the director owned 18,645,603 shares of the company’s stock, valued at $163,894,850.37. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard J. Hendrix sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $8.12, for a total transaction of $162,400.00. Following the completion of the sale, the director owned 45,456 shares in the company, valued at $369,102.72. The trade was a 30.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,009,600 shares of company stock worth $99,605,157 in the last three months. Insiders own 29.90% of the company’s stock.

Institutional Trading of Navitas Semiconductor

A number of hedge funds and other institutional investors have recently made changes to their positions in NVTS. Geode Capital Management LLC raised its holdings in shares of Navitas Semiconductor by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company’s stock worth $11,005,000 after purchasing an additional 113,277 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Navitas Semiconductor by 26.0% in the 4th quarter. Wells Fargo & Company MN now owns 78,149 shares of the company’s stock worth $279,000 after purchasing an additional 16,143 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Navitas Semiconductor in the 4th quarter worth approximately $44,000. Barclays PLC raised its holdings in shares of Navitas Semiconductor by 11.7% in the 4th quarter. Barclays PLC now owns 218,038 shares of the company’s stock worth $778,000 after purchasing an additional 22,786 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in shares of Navitas Semiconductor by 76.7% in the 4th quarter. MetLife Investment Management LLC now owns 79,716 shares of the company’s stock worth $285,000 after purchasing an additional 34,600 shares in the last quarter. 46.14% of the stock is currently owned by 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.