Navitas Semiconductor (NASDAQ:NVTS) Releases Earnings Results, Beats Estimates By $0.01 EPS

Navitas Semiconductor (NASDAQ:NVTS) issued its quarterly earnings data on Tuesday. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01, FiscalAI reports. The company had revenue of $13.99 million during the quarter, compared to analysts’ expectations of $13.42 million. Navitas Semiconductor had a negative net margin of 856.85% and a negative return on equity of 13.13%.

Navitas Semiconductor Stock Up 7.9%

Shares of NASDAQ NVTS traded up $0.63 during mid-day trading on Tuesday, reaching $8.56. 19,003,286 shares of the company were exchanged, compared to its average volume of 22,683,770. Navitas Semiconductor has a 52 week low of $6.85 and a 52 week high of $34.17. The stock has a market capitalization of $2.23 billion, a PE ratio of -6.44 and a beta of 3.96. The company’s 50 day moving average price is $10.80 and its 200 day moving average price is $13.24.

Analyst Upgrades and Downgrades

Several research firms recently commented on NVTS. Needham & Company LLC restated a “buy” rating and set a $21.00 target price on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Wall Street Zen downgraded Navitas Semiconductor from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Rosenblatt Securities reiterated a “neutral” rating and set a $13.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, September 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Finally, Morgan Stanley restated an “underweight” rating and issued a $12.60 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $15.92.

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation (NASDAQ:NVTS) develops power semiconductor technologies designed to improve the efficiency, performance and size of electronic systems. The company specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, which are used to convert and manage electrical power.

Its product portfolio includes GaNFast power ICs, GeneSiC silicon carbide products and related power-management solutions. These technologies are used in applications such as mobile and consumer chargers, data centers, solar inverters, electric vehicles, energy storage systems, appliances and industrial equipment.

Founded in 2014, Navitas serves customers and markets globally through its semiconductor products and engineering support.