Navitas Semiconductor (NASDAQ:NVTS) Releases Earnings Results, Meets Estimates

Key Points

• Navitas Semiconductor met earnings expectations, reporting a quarterly loss of $0.04 per share, while revenue of $10.53 million exceeded analysts’ $9.97 million estimate. The company continued to report negative profitability metrics, including a 330.67% net margin.
• NVTS shares traded at $11.41, with a $2.67 billion market capitalization and a 52-week range of $5.44 to $34.17. Analysts maintain a consensus “Hold” rating and an average price target of $14.74.
• Insiders have been selling shares: company insiders sold nearly 4 million shares worth approximately $116.4 million over the past three months, while institutional investors and hedge funds own 46.14% of the stock.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) announced its quarterly earnings data on Monday. The company reported ($0.04) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.04), FiscalAI reports. Navitas Semiconductor had a negative return on equity of 14.30% and a negative net margin of 330.67%.The firm had revenue of $10.53 million for the quarter, compared to analyst estimates of $9.97 million.

Navitas Semiconductor Price Performance

NVTS traded up $0.49 during midday trading on Monday, reaching $11.41. 20,531,733 shares of the company's stock were exchanged, compared to its average volume of 26,833,395. Navitas Semiconductor has a 1-year low of $5.44 and a 1-year high of $34.17. The stock has a market capitalization of $2.67 billion, a PE ratio of -18.11 and a beta of 3.82. The business's 50-day moving average price is $20.00 and its 200 day moving average price is $14.18.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Robert W. Baird increased their price target on shares of Navitas Semiconductor from $9.00 to $20.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Morgan Stanley restated an "underweight" rating and set a $13.70 target price on shares of Navitas Semiconductor in a research report on Wednesday, May 6th. Weiss Ratings upgraded shares of Navitas Semiconductor from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, June 17th. Rosenblatt Securities boosted their price target on Navitas Semiconductor from $7.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen raised Navitas Semiconductor from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $14.74.

Insider Buying and Selling at Navitas Semiconductor

In other news, Director Richard J. Hendrix sold 110,165 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $28.96, for a total value of $3,190,378.40. Following the sale, the director directly owned 101,709 shares in the company, valued at $2,945,492.64. This represents a 52.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chris Allexandre sold 13,323 shares of Navitas Semiconductor stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $31.81, for a total value of $423,804.63. Following the transaction, the chief executive officer owned 1,072,633 shares of the company's stock, valued at $34,120,455.73. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,989,478 shares of company stock valued at $116,356,387 over the last three months. Company insiders own 12.40% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors have recently made changes to their positions in NVTS. Allworth Financial LP boosted its stake in shares of Navitas Semiconductor by 309.4% during the third quarter. Allworth Financial LP now owns 3,570 shares of the company's stock valued at $26,000 after acquiring an additional 2,698 shares during the last quarter. NewEdge Advisors LLC raised its stake in Navitas Semiconductor by 189.8% in the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company's stock valued at $29,000 after purchasing an additional 2,942 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Navitas Semiconductor in the 3rd quarter valued at about $63,000. Oxford Asset Management LLP purchased a new position in Navitas Semiconductor in the 2nd quarter valued at about $75,000. Finally, Cerity Partners LLC purchased a new position in Navitas Semiconductor in the 2nd quarter valued at about $76,000. 46.14% of the stock is owned by institutional investors and hedge funds.

Navitas Semiconductor Company Profile

Navitas Semiconductor is a fabless semiconductor company specialized in gallium nitride (GaN) power integrated circuits. The company’s core mission centers on delivering high-efficiency, high-power-density power solutions that address the needs of modern electronic devices, ranging from fast chargers for consumer electronics to industrial and automotive power systems.

Navitas offers a portfolio of GaNFast power ICs designed to replace traditional silicon-based power components. These products integrate GaN transistors, drivers and protection features into single-chip solutions, enabling faster charging, reduced energy loss and smaller power supply footprints.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.