Navitas Semiconductor Corporation (NASDAQ:NVTS) Receives $5.65 Consensus Target Price from Analysts

Key Points

• Navitas Semiconductor Corporation (NASDAQ: NVTS) has received a consensus rating of "Hold" from analysts, with one sell, two hold, and three buy recommendations.
• The average 12-month price target among analysts for Navitas Semiconductor is $5.65, with recent price adjustments ranging from $3.50 to $8.00.
• Insider transactions include a significant purchase by Director Ranbir Singh of 18.6 million shares valued at approximately $163.9 million, indicating confidence in the company's future.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) has been assigned an average recommendation of "Hold" from the six brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $5.65.

A number of analysts recently weighed in on the stock. Morgan Stanley set a $4.40 price objective on shares of Navitas Semiconductor in a report on Tuesday, August 5th. Needham & Company LLC increased their price objective on shares of Navitas Semiconductor from $3.00 to $8.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Rosenblatt Securities dropped their price objective on shares of Navitas Semiconductor from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft cut shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 target price on the stock. in a research note on Tuesday, June 17th. Finally, Craig Hallum cut shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 target price on the stock. in a research note on Tuesday, August 5th.

Navitas Semiconductor Stock Performance

Shares of Navitas Semiconductor stock traded down $0.33 during trading hours on Thursday, reaching $6.92. The company's stock had a trading volume of 13,001,077 shares, compared to its average volume of 32,361,036. The company's 50 day simple moving average is $7.08 and its 200 day simple moving average is $4.22. Navitas Semiconductor has a one year low of $1.52 and a one year high of $9.48. The stock has a market cap of $1.47 billion, a P/E ratio of -10.65 and a beta of 3.02.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Navitas Semiconductor had a negative net margin of 182.63% and a negative return on equity of 18.16%. The business had revenue of $14.49 million for the quarter, compared to analysts' expectations of $14.43 million. During the same quarter last year, the company earned ($0.07) EPS. The company's revenue for the quarter was down 29.2% compared to the same quarter last year. On average, sell-side analysts predict that Navitas Semiconductor will post -0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Brian Long sold 2,955,509 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $6.61, for a total transaction of $19,535,914.49. Following the completion of the transaction, the director owned 5,920,991 shares in the company, valued at approximately $39,137,750.51. This trade represents a 33.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David Moxam sold 714,199 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $6.50, for a total transaction of $4,642,293.50. Following the transaction, the director owned 78,649 shares of the company's stock, valued at approximately $511,218.50. This trade represents a 90.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,009,600 shares of company stock worth $99,605,157 in the last 90 days. 29.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Northern Trust Corp boosted its holdings in shares of Navitas Semiconductor by 9.5% during the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock worth $4,319,000 after purchasing an additional 104,906 shares during the period. Millennium Management LLC acquired a new stake in shares of Navitas Semiconductor during the fourth quarter worth approximately $52,000. Merit Financial Group LLC acquired a new stake in shares of Navitas Semiconductor during the first quarter worth approximately $48,000. Bank of America Corp DE raised its position in Navitas Semiconductor by 180.5% during the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after acquiring an additional 794,371 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in Navitas Semiconductor during the fourth quarter valued at approximately $52,000. 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.