Navitas Semiconductor (NASDAQ:NVTS) PT Lowered to $7.00

Navitas Semiconductor (NASDAQ:NVTS) had its target price dropped by Robert W. Baird from $12.00 to $7.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 49.25% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $12.00 price target on shares of Navitas Semiconductor in a research note on Friday, May 3rd. Needham & Company LLC decreased their target price on Navitas Semiconductor from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Finally, Northland Securities initiated coverage on Navitas Semiconductor in a report on Tuesday, January 16th. They issued a “market perform” rating on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $8.65.

Navitas Semiconductor Price Performance

Shares of Navitas Semiconductor stock opened at $4.69 on Friday. The stock’s 50-day moving average is $4.58 and its 200 day moving average is $5.94. Navitas Semiconductor has a one year low of $3.54 and a one year high of $11.16. The firm has a market cap of $840.68 million, a price-to-earnings ratio of -5.33 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, beating the consensus estimate of ($0.13) by $0.02. The firm had revenue of $26.06 million for the quarter, compared to analyst estimates of $25.68 million. Navitas Semiconductor had a negative return on equity of 18.81% and a negative net margin of 183.04%. On average, sell-side analysts expect that Navitas Semiconductor will post -0.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Navitas Semiconductor news, CEO Eugene Sheridan sold 38,431 shares of Navitas Semiconductor stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $184,468.80. Following the completion of the transaction, the chief executive officer now owns 3,061,631 shares in the company, valued at approximately $14,695,828.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Navitas Semiconductor 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 transaction, 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 available through this hyperlink. Also, COO Daniel M. Kinzer sold 24,073 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $115,550.40. Following the completion of the sale, the chief operating officer now owns 4,538,353 shares of the company’s stock, valued at approximately $21,784,094.40. The disclosure for this sale can be found here. Insiders have sold 73,429 shares of company stock worth $352,459 in the last quarter. Insiders own 36.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of Navitas Semiconductor by 37.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 905,524 shares of the company’s stock valued at $6,293,000 after acquiring an additional 248,143 shares during the last quarter. Federated Hermes Inc. grew its stake in Navitas Semiconductor by 9,612.6% in the 3rd quarter. Federated Hermes Inc. now owns 33,800 shares of the company’s stock valued at $235,000 after purchasing an additional 33,452 shares during the period. Vanguard Group Inc. increased its position 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 valued at $59,580,000 after purchasing an additional 1,064,010 shares during the last quarter. Swiss National Bank raised its stake 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 purchasing an additional 37,700 shares during the period. Finally, Graham Capital Management L.P. purchased a new position in shares of Navitas Semiconductor in the 3rd quarter worth about $410,000. Institutional investors own 46.14% of the company’s stock.

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.