Navitas Semiconductor's (NVTS) Buy Rating Reiterated at Rosenblatt Securities

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Rosenblatt Securities in a research note issued to investors on Thursday, Benzinga reports. They currently have a $7.50 target price on the stock. Rosenblatt Securities' price target would suggest a potential upside of 203.64% from the stock's previous close.

A number of other research firms also recently weighed in on NVTS. Craig Hallum dropped their target price on Navitas Semiconductor from $7.50 to $6.50 and set a "buy" rating for the company in a research report on Tuesday, August 6th. Morgan Stanley reduced their target price on Navitas Semiconductor from $4.60 to $3.50 and set an "equal weight" rating on the stock in a research note on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft reduced their price target on Navitas Semiconductor from $7.00 to $6.00 and set a "buy" rating on the stock in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reduced their price target on Navitas Semiconductor from $7.00 to $5.00 and set a "buy" rating on the stock in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $5.64.

Navitas Semiconductor Trading Down 7.5 %

Shares of NVTS traded down $0.20 during trading hours on Thursday, reaching $2.47. The stock had a trading volume of 2,962,270 shares, compared to its average volume of 2,644,653. The firm has a 50-day simple moving average of $2.55 and a 200 day simple moving average of $3.48. Navitas Semiconductor has a 12 month low of $2.14 and a 12 month high of $8.44. The company has a market capitalization of $452.26 million, a price-to-earnings ratio of -8.82 and a beta of 2.38.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The firm had revenue of $20.50 million during the quarter, compared to analysts' expectations of $20.01 million. Navitas Semiconductor had a negative return on equity of 22.29% and a negative net margin of 55.70%. The company's revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business posted ($0.12) EPS. On average, equities analysts forecast that Navitas Semiconductor will post -0.53 EPS for the current year.

Insider Buying and Selling

In related news, CEO Eugene Sheridan sold 193,662 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $3.03, for a total transaction of $586,795.86. Following the completion of the sale, the chief executive officer now owns 2,149,631 shares in the company, valued at approximately $6,513,381.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Navitas Semiconductor news, CEO Eugene Sheridan sold 193,662 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $3.03, for a total transaction of $586,795.86. Following the completion of the transaction, the chief executive officer now owns 2,149,631 shares in the company, valued at $6,513,381.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Daniel M. Kinzer sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $3.10, for a total value of $465,000.00. Following the transaction, the chief operating officer now owns 4,388,353 shares of the company's stock, valued at $13,603,894.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 829,852 shares of company stock worth $2,528,252. 31.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Several institutional investors have recently added to or reduced their stakes in NVTS. Quantbot Technologies LP grew its holdings in Navitas Semiconductor by 550.4% during the 1st quarter. Quantbot Technologies LP now owns 40,565 shares of the company's stock valued at $193,000 after buying an additional 34,328 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Navitas Semiconductor in the 1st quarter valued at approximately $65,000. Swiss National Bank lifted its stake in shares of Navitas Semiconductor by 2.9% in the 1st quarter. Swiss National Bank now owns 246,700 shares of the company's stock valued at $1,177,000 after purchasing an additional 7,000 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Navitas Semiconductor by 13.1% in the 1st quarter. Russell Investments Group Ltd. now owns 73,893 shares of the company's stock valued at $352,000 after purchasing an additional 8,565 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Navitas Semiconductor by 12.5% in the 1st quarter. ProShare Advisors LLC now owns 20,348 shares of the company's stock valued at $97,000 after purchasing an additional 2,258 shares during the last quarter. Hedge funds and other institutional investors own 46.14% of the company's stock.

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.