Wall Street Zen Upgrades Navitas Semiconductor (NASDAQ:NVTS) to Hold

Key Points

• Wall Street Zen upgraded Navitas Semiconductor from “sell” to “hold.” Analyst views remain mixed, but MarketBeat reports an overall “hold” consensus and an average price target of $14.43.
• Navitas reported quarterly EPS of a $0.03 loss, beating estimates, and revenue of $13.99 million, also above expectations; revenue increased 38.4% year over year.
• Shares opened at $8.61, within a 12-month range of $6.85 to $34.17. The company remains unprofitable, with a negative net margin of 856.85%.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

Several other analysts also recently issued reports on the stock. Morgan Stanley reissued an "underweight" rating and issued a $12.60 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Needham & Company LLC reduced their price objective 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. Rosenblatt Securities upgraded shares of Navitas Semiconductor from a "neutral" rating to a "buy" rating and set a $13.00 price objective on the stock in a research note on Wednesday. Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a report on Tuesday, July 28th. Finally, Craig Hallum raised shares of Navitas Semiconductor from a "hold" rating to a "buy" rating and set a $13.00 price objective on the stock in a report on Wednesday. Four analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $14.43.

Navitas Semiconductor Stock Up 9.5%

Shares of NASDAQ:NVTS opened at $8.61 on Friday. Navitas Semiconductor has a twelve month low of $6.85 and a twelve month high of $34.17. The stock's 50 day moving average is $10.49 and its 200-day moving average is $13.21.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released 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. The company had revenue of $13.99 million for the quarter, compared to analyst estimates of $13.42 million. Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%. Navitas Semiconductor's quarterly revenue was up 38.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.05) EPS. Equities analysts anticipate that Navitas Semiconductor will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in the company. Rakuten Securities Inc. acquired a new stake in Navitas Semiconductor during the second quarter worth about $27,000. Beaird Harris Wealth Management LLC lifted its stake in Navitas Semiconductor by 247.8% in the second quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company's stock worth $31,000 after acquiring an additional 1,239 shares during the period. Root Financial Partners LLC bought a new position in Navitas Semiconductor in the third quarter worth approximately $27,000. Global Retirement Partners LLC acquired a new position in shares of Navitas Semiconductor during the 2nd quarter worth about $66,000. Finally, Compass Financial Management LLC acquired a new stake in Navitas Semiconductor during the 2nd quarter worth $71,000. Institutional investors and hedge funds own 46.14% of the company's stock.

Navitas Semiconductor Company Profile

Navitas Semiconductor Corporation NASDAQ: NVTS develops power semiconductor technologies designed to improve the efficiency, performance and size of electronic systems. The company specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, which are used to convert and manage electrical power.

Its product portfolio includes GaNFast power ICs, GeneSiC silicon carbide products and related power-management solutions. These technologies are used in applications such as mobile and consumer chargers, data centers, solar inverters, electric vehicles, energy storage systems, appliances and industrial equipment.

Founded in 2014, Navitas serves customers and markets globally through its semiconductor products and engineering support.

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