Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Sunday, Wall Street Zen reports.
Several other equities analysts have also recently commented on the stock. Rosenblatt Securities raised shares of Navitas Semiconductor from a "neutral" rating to a "buy" rating and set a $13.00 price objective for the company in a research note on Wednesday, November 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Navitas Semiconductor in a research note on Monday, September 14th. Jefferies Financial Group set a $13.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Needham & Company LLC reduced their price target on shares of Navitas Semiconductor from $21.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, November 4th. Finally, Craig Hallum upgraded shares of Navitas Semiconductor from a "hold" rating to a "buy" rating and set a $13.00 price target for the company in a research report on Wednesday, November 4th. Four investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Navitas Semiconductor currently has a consensus rating of "Hold" and a consensus price target of $14.43.
Read Our Latest Report on NVTS
Navitas Semiconductor Stock Performance
NASDAQ NVTS traded down $0.61 during trading hours on Friday, hitting $8.95. The company had a trading volume of 10,101,070 shares, compared to its average volume of 13,920,406. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -6.49 and a beta of 4.04. Navitas Semiconductor has a 52 week low of $6.85 and a 52 week high of $34.17. The firm has a 50 day simple moving average of $10.31 and a 200 day simple moving average of $13.20.
Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Navitas Semiconductor had a negative return on equity of 11.84% and a negative net margin of 818.84%. The firm had revenue of $13.99 million for the quarter, compared to analysts' expectations of $13.42 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The company's revenue was up 38.4% on a year-over-year basis. On average, research analysts forecast that Navitas Semiconductor will post -0.32 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc bought a new stake in shares of Navitas Semiconductor during the 2nd quarter worth $2,782,000. Jupiter Topco LLC purchased a new position in Navitas Semiconductor in the second quarter worth $1,649,000. Wellington Management Group LLP purchased a new position in Navitas Semiconductor in the second quarter worth $16,757,000. Tidal Investments LLC increased its stake in Navitas Semiconductor by 161.2% in the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company's stock valued at $20,289,000 after acquiring an additional 698,683 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Navitas Semiconductor by 21.8% in the first quarter. Bank of New York Mellon Corp now owns 566,465 shares of the company's stock valued at $4,968,000 after acquiring an additional 101,389 shares during the last quarter. Hedge funds and other institutional investors own 46.14% of the company's stock.
About Navitas Semiconductor
(
Get Free Report)
Navitas Semiconductor develops power semiconductors and integrated circuits based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to convert and control electrical power more efficiently than conventional silicon-based solutions. The company's portfolio includes GaN power ICs and SiC devices used in applications such as mobile-device charging, data centers, electric vehicles, solar power, energy storage and industrial equipment. Navitas serves customers in markets around the world.
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