Needham & Company LLC Cuts Navitas Semiconductor (NASDAQ:NVTS) Price Target to $5.00

Navitas Semiconductor (NASDAQ:NVTS) had its price objective lowered by Needham & Company LLC from $7.00 to $5.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently commented on the company. Robert W. Baird decreased their target price on Navitas Semiconductor from $12.00 to $7.00 and set an outperform rating for the company in a research report on Friday, May 10th. Rosenblatt Securities reiterated a buy rating and issued a $10.00 target price on shares of Navitas Semiconductor in a report on Friday, August 2nd. Jefferies Financial Group reissued a hold rating and issued a $4.00 price target (down from $10.00) on shares of Navitas Semiconductor in a research report on Monday, May 13th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Navitas Semiconductor from $9.00 to $7.00 and set a buy rating on the stock in a research note on Friday, May 10th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor presently has a consensus rating of Moderate Buy and a consensus price target of $6.50.

Navitas Semiconductor Price Performance

Shares of NVTS traded down $0.04 during trading hours on Tuesday, hitting $3.09. 916,775 shares of the company were exchanged, compared to its average volume of 2,719,756. The firm has a fifty day simple moving average of $4.10 and a 200-day simple moving average of $4.65. The company has a market capitalization of $565.78 million, a PE ratio of -6.14 and a beta of 2.42. Navitas Semiconductor has a one year low of $2.94 and a one year high of $10.10.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Monday, August 5th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Navitas Semiconductor had a negative return on equity of 21.22% and a negative net margin of 97.75%. The firm had revenue of $20.50 million during the quarter, compared to analyst estimates of $20.01 million. During the same quarter in the previous year, the business earned ($0.12) earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. Sell-side analysts expect that Navitas Semiconductor will post -0.53 EPS for the current year.

Insider Activity

In other news, Director Dipender Saluja sold 87,059 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $4.45, for a total transaction of $387,412.55. Following the completion of the sale, the director now owns 5,944,420 shares in the company, valued at approximately $26,452,669. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 31.80% of the stock is owned by insiders.

Institutional Trading of Navitas Semiconductor

A number of institutional investors and hedge funds have recently modified their holdings of NVTS. ProShare Advisors LLC lifted its holdings in shares of Navitas Semiconductor by 12.5% during the first quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock worth $97,000 after buying an additional 2,258 shares during the last quarter. Laidlaw Wealth Management LLC grew its position in Navitas Semiconductor by 16.7% in the 4th quarter. Laidlaw Wealth Management LLC now owns 18,316 shares of the company’s stock worth $148,000 after purchasing an additional 2,618 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Navitas Semiconductor by 23.9% during the 4th quarter. Victory Capital Management Inc. now owns 15,842 shares of the company’s stock worth $128,000 after purchasing an additional 3,052 shares during the period. Commonwealth Equity Services LLC raised its position in shares of Navitas Semiconductor by 5.4% during the second quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock valued at $306,000 after buying an additional 4,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Navitas Semiconductor by 16.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,646 shares of the company’s stock valued at $151,000 after buying an additional 4,533 shares during the period. 46.14% of the stock is currently owned by institutional investors and hedge funds.

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.