Navitas Semiconductor (NASDAQ:NVTS) Announces Quarterly Earnings Results, Hits Expectations

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) posted its quarterly earnings data on Monday. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06), RTT News reports. The firm had revenue of $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. Navitas Semiconductor had a negative net margin of 55.70% and a negative return on equity of 22.29%. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.10) earnings per share. Navitas Semiconductor updated its Q4 2024 guidance to EPS.

Navitas Semiconductor Trading Down 9.6 %

Navitas Semiconductor stock traded down $0.25 during mid-day trading on Tuesday, hitting $2.36. The company had a trading volume of 6,119,114 shares, compared to its average volume of 2,667,175. The company has a market capitalization of $432.12 million, a price-to-earnings ratio of -8.43 and a beta of 2.36. Navitas Semiconductor has a 12-month low of $2.14 and a 12-month high of $8.44. The company's fifty day moving average is $2.51 and its 200-day moving average is $3.44.

Insider Activity

In related news, Director David Moxam sold 33,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $3.13, for a total transaction of $103,290.00. Following the sale, the director now directly owns 867,848 shares of the company's stock, valued at approximately $2,716,364.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Navitas Semiconductor news, COO Daniel M. Kinzer sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $3.10, for a total value of $465,000.00. Following the sale, the chief operating officer now directly owns 4,388,353 shares of the company's stock, valued at approximately $13,603,894.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Moxam sold 33,000 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $3.13, for a total value of $103,290.00. Following the transaction, the director now directly owns 867,848 shares of the company's stock, valued at approximately $2,716,364.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 829,852 shares of company stock valued at $2,528,252 in the last three months. 31.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NVTS. Needham & Company LLC cut their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set a "buy" rating on the stock in a research note on Tuesday, August 6th. Rosenblatt Securities reaffirmed a "buy" rating and set a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft reduced their price objective on Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating for the company in a research note on Tuesday. Morgan Stanley dropped their target price on Navitas Semiconductor from $4.60 to $3.50 and set an "equal weight" rating on the stock in a research report on Tuesday, August 6th. Finally, Robert W. Baird reduced their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating for the company in a research report on Tuesday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $4.75.

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.