Navitas Semiconductor (NASDAQ:NVTS) Downgraded to Hold Rating by Craig Hallum

Key Points

• Navitas Semiconductor was downgraded from a "buy" to a "hold" rating by Craig Hallum, with a target price of $6.00, indicating a potential downside of 25.47% from its current price.
• Other analysts, including Morgan Stanley and Deutsche Bank, have also adjusted their ratings and target prices for the stock, reflecting a consensus average rating of "Hold" with a target price of $4.00.
• In recent trading, Navitas Semiconductor's stock is currently valued at $8.05 and has experienced a 29.2% decline in revenue year-over-year.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) was downgraded by analysts at Craig Hallum from a "buy" rating to a "hold" rating in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. They currently have a $6.00 target price on the stock. Craig Hallum's price target indicates a potential downside of 25.47% from the company's current price.

Several other equities analysts have also recently issued reports on the company. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Needham & Company LLC dropped their price target on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Rosenblatt Securities boosted their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft cut Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target on the stock. in a research report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Navitas Semiconductor has an average rating of "Hold" and a consensus target price of $4.00.

Navitas Semiconductor Stock Up 1.1%

Shares of NVTS stock opened at $8.05 on Tuesday. The stock has a market capitalization of $1.54 billion, a PE ratio of -15.48 and a beta of 3.02. Navitas Semiconductor has a 52-week low of $1.52 and a 52-week high of $9.48. The stock's 50-day moving average price is $6.92 and its 200 day moving average price is $4.01.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $14.49 million for the quarter, compared to analysts' expectations of $14.43 million. Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The firm's revenue for the quarter was down 29.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) EPS. Analysts expect that Navitas Semiconductor will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Navitas Semiconductor news, Director Brian Long sold 1,026,227 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $7.93, for a total value of $8,137,980.11. Following the sale, the director owned 4,420,991 shares of the company's stock, valued at approximately $35,058,458.63. The trade was a 18.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ranbir Singh purchased 18,645,603 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were purchased at an average cost of $8.79 per share, for a total transaction of $163,894,850.37. Following the purchase, the director directly owned 18,645,603 shares in the company, valued at approximately $163,894,850.37. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 15,084,600 shares of company stock worth $99,761,157 in the last three months. Company insiders own 29.90% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently modified their holdings of the company. Cranbrook Wealth Management LLC purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $25,000. ST Germain D J Co. Inc. purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $33,000. Caption Management LLC purchased a new stake in shares of Navitas Semiconductor during the 4th quarter worth approximately $36,000. HighMark Wealth Management LLC purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $66,000. Finally, West Tower Group LLC purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $66,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

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.

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