Navitas Semiconductor (NASDAQ:NVTS) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Navitas Semiconductor from “hold” to “sell.” Analyst sentiment is mixed, with a consensus “hold” rating and an average price target of $15.92.
• Navitas shares opened at $12.40, compared with a 12-month range of $6.85 to $34.17. The stock has a market capitalization of approximately $3.24 billion and a high beta of 3.96.
• The company met quarterly EPS expectations at a loss of $0.04 per share and exceeded revenue estimates with $10.53 million, but revenue declined 27.3% year over year and profitability remained deeply negative.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts also recently issued research reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of Navitas Semiconductor in a research note on Monday, September 14th. Jefferies Financial Group set a $13.00 price objective on Navitas Semiconductor in a research note on Tuesday, July 28th. Needham & Company LLC reissued a "buy" rating and issued a $21.00 price objective on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $13.00 target price on shares of Navitas Semiconductor in a report on Tuesday. Finally, Morgan Stanley reissued an "underweight" rating and set a $12.60 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $15.92.

Navitas Semiconductor Price Performance

Shares of NASDAQ:NVTS opened at $12.40 on Friday. Navitas Semiconductor has a 12 month low of $6.85 and a 12 month high of $34.17. The firm has a market capitalization of $3.24 billion, a P/E ratio of -9.32 and a beta of 3.96. The company's fifty day moving average price is $12.04 and its 200 day moving average price is $15.11.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). The company had revenue of $10.53 million during the quarter, compared to the consensus estimate of $9.97 million. Navitas Semiconductor had a negative net margin of 856.85% and a negative return on equity of 13.13%. Navitas Semiconductor's revenue for the quarter was down 27.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.25) earnings per share. On average, sell-side analysts anticipate that Navitas Semiconductor will post -0.31 EPS for the current year.

Institutional Investors Weigh In On Navitas Semiconductor

Several institutional investors have recently modified their holdings of NVTS. BlackRock Inc. acquired a new position in shares of Navitas Semiconductor during the 2nd quarter worth $290,970,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Navitas Semiconductor in the 2nd quarter worth about $75,701,000. Wellington Management Group LLP acquired a new stake in Navitas Semiconductor in the 2nd quarter valued at about $16,757,000. Tidal Investments LLC grew its stake in Navitas Semiconductor by 161.2% in the 2nd 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 acquired a new stake in Navitas Semiconductor in the 2nd quarter valued at about $9,116,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.

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