Navitas Semiconductor (NASDAQ:NVTS) Trading Down 1.1% on Analyst Downgrade

Key Points

• Navitas Semiconductor's shares dropped by 1.1% following an analyst downgrade from Rosenblatt Securities, which lowered its price target from $10.00 to $8.00, while retaining a buy rating.
• Multiple brokerages, including Morgan Stanley and Deutsche Bank, have issued downgrades on Navitas, reflecting a consensus rating of "Hold" with an average target price of $5.65.
• Insider trading activity included CFO Todd Glickman selling over 532,000 shares, marking a significant decrease in his position, while Director Ranbir Singh purchased a substantial number of shares, indicating contrasting insider sentiment.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares traded down 1.1% during mid-day trading on Wednesday after Rosenblatt Securities lowered their price target on the stock from $10.00 to $8.00. Rosenblatt Securities currently has a buy rating on the stock. Navitas Semiconductor traded as low as $6.45 and last traded at $6.70. 7,454,917 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 22,229,211 shares. The stock had previously closed at $6.77.

A number of other brokerages have also issued reports on NVTS. Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Needham & Company LLC cut their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Craig Hallum downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 target price for the company. in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft cut Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective for the company. in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $5.65.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, CFO Todd Glickman sold 532,342 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $4.49, for a total transaction of $2,390,215.58. Following the completion of the sale, the chief financial officer directly owned 234,501 shares of the company's stock, valued at approximately $1,052,909.49. The trade was a 69.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ranbir Singh bought 18,645,603 shares of the business's stock in a transaction dated Monday, July 28th. The stock was acquired at an average price 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. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 15,084,600 shares of company stock valued at $99,761,157 over the last ninety days. Insiders own 29.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Cranbrook Wealth Management LLC purchased a new stake in shares of Navitas Semiconductor during the second quarter worth about $25,000. ST Germain D J Co. Inc. purchased a new position in Navitas Semiconductor in the 2nd quarter worth approximately $33,000. American Century Companies Inc. raised 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 worth $56,000 after acquiring an additional 5,419 shares during the last quarter. Tower Research Capital LLC TRC raised 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 worth $37,000 after acquiring an additional 5,726 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised 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 worth $76,000 after acquiring an additional 6,377 shares during the last quarter. Institutional investors own 46.14% of the company's stock.

Navitas Semiconductor Trading Down 0.5%

The company has a market capitalization of $1.29 billion, a PE ratio of -10.30 and a beta of 3.02. The business's fifty day moving average is $6.93 and its two-hundred day moving average is $4.03.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported ($0.05) EPS for the quarter, hitting analysts' consensus estimates of ($0.05). The business had revenue of $14.49 million during the quarter, compared to the consensus estimate of $14.43 million. Navitas Semiconductor had a negative net margin of 182.63% and a negative return on equity of 18.57%. The firm's revenue was down 29.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) EPS. As a group, equities research analysts anticipate that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

About Navitas Semiconductor

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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