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.

Craig Hallum cut shares of Navitas Semiconductor (NASDAQ:NVTS - Free Report) from a buy rating to a hold rating in a research report released on Tuesday morning, Marketbeat Ratings reports. Craig Hallum currently has $6.00 price target on the stock.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC decreased their price objective on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Rosenblatt Securities lifted their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective for the company. in a report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $5.65.

Navitas Semiconductor Stock Down 1.9%

Shares of NVTS traded down $0.13 during mid-day trading on Tuesday, reaching $6.66. 20,572,081 shares of the stock traded hands, compared to its average volume of 22,333,566. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of -10.25 and a beta of 3.02. The stock has a fifty day simple moving average of $6.96 and a 200 day simple moving average of $4.07. Navitas Semiconductor has a 12-month low of $1.52 and a 12-month high of $9.48.

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

Insider Activity

In other Navitas Semiconductor news, CFO Todd Glickman sold 532,342 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total transaction of $2,390,215.58. Following the completion of the transaction, the chief financial officer directly owned 234,501 shares of the company's stock, valued at $1,052,909.49. The trade was a 69.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Moxam sold 714,199 shares of the business'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 directly owned 78,649 shares of the company's stock, valued at $511,218.50. The trade was a 90.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,084,600 shares of company stock worth $99,761,157 over the last three months. Insiders own 29.90% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

Several institutional investors have recently bought and sold shares of the stock. Cranbrook Wealth Management LLC acquired a new stake in Navitas Semiconductor in the second quarter worth about $25,000. ST Germain D J Co. Inc. acquired a new stake in Navitas Semiconductor in the second quarter worth about $33,000. American Century Companies Inc. lifted its holdings in Navitas Semiconductor by 52.7% in the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock valued at $56,000 after acquiring an additional 5,419 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Navitas Semiconductor by 125.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock valued at $37,000 after acquiring an additional 5,726 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in Navitas Semiconductor by 121.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 11,614 shares of the company's stock valued at $76,000 after acquiring an additional 6,377 shares during the last quarter. Institutional investors and hedge funds 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.