Navitas Semiconductor (NASDAQ:NVTS) Lowered to "Market Perform" Rating by CJS Securities

Key Points

• Navitas Semiconductor has been downgraded from an "outperform" to a "market perform" rating by CJS Securities, impacting investor sentiment.
• Analysts' price targets for Navitas stock vary significantly, with estimates ranging from $3.50 to $8.00, and an average consensus target of $5.65.
• Recent quarterly results showed a revenue decline of 29.2% year-over-year, with earnings per share meeting analysts' expectations at ($0.05).

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) was downgraded by analysts at CJS Securities from an "outperform" rating to a "market perform" rating in a note issued to investors on Monday,Briefing.com Automated Import reports.

A number of other equities research analysts have also 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. Deutsche Bank Aktiengesellschaft downgraded 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. Needham & Company LLC increased their price target 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. Craig Hallum cut Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price target for the company. in a research report on Tuesday, August 5th. Finally, Rosenblatt Securities cut their target price on shares of Navitas Semiconductor from $10.00 to $8.00 and set a "buy" rating for the company in a research note on Tuesday, August 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $5.65.

Navitas Semiconductor Price Performance

Shares of NASDAQ NVTS opened at $6.92 on Monday. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -10.65 and a beta of 3.02. The firm's 50 day simple moving average is $7.08 and its 200-day simple moving average is $4.24. 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) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). The business had revenue of $14.49 million during the quarter, compared to analysts' expectations of $14.43 million. Navitas Semiconductor had a negative return on equity of 18.16% and a negative net margin of 182.63%. The business's revenue was down 29.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.07) earnings per share. Analysts anticipate that Navitas Semiconductor will post -0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Todd Glickman sold 100,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $8.00, for a total value of $800,000.00. Following the transaction, the chief financial officer directly owned 134,501 shares of the company's stock, valued at approximately $1,076,008. This trade represents a 42.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian Long sold 1,026,227 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $7.93, for a total value of $8,137,980.11. Following the completion of the sale, the director directly owned 4,420,991 shares in the company, valued at approximately $35,058,458.63. This represents a 18.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,009,600 shares of company stock worth $99,605,157 in the last quarter. Corporate insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

Large investors have recently bought and sold shares of the stock. Cranbrook Wealth Management LLC bought a new position in shares of Navitas Semiconductor during the 2nd quarter worth about $25,000. Simplicity Wealth LLC bought a new position in Navitas Semiconductor during the first quarter valued at about $26,000. Larson Financial Group LLC acquired a new position in Navitas Semiconductor in the 1st quarter valued at approximately $28,000. NewEdge Advisors LLC lifted its position in shares of Navitas Semiconductor by 189.8% in the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company's stock worth $29,000 after acquiring an additional 2,942 shares during the period. Finally, Benjamin Edwards Inc. bought a new stake in shares of Navitas Semiconductor during the first quarter valued at approximately $31,000. 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.

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