Navitas Semiconductor (NASDAQ:NVTS) Shares 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.

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) fell 1.1% during 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 changed 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.

Several other analysts have also recently weighed in on NVTS. Craig Hallum cut shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price objective on the stock. in a research note on Tuesday. Needham & Company LLC lowered their target price on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective for the company. in a research report on Tuesday, June 17th. One investment 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $5.65.

Insider Buying and Selling

In other news, CEO Eugene Sheridan sold 238,668 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $7.50, for a total value of $1,790,010.00. Following the completion of the sale, the chief executive officer directly owned 461,332 shares of the company's stock, valued at $3,459,990. This trade represents a 34.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Todd Glickman sold 100,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $8.00, for a total value of $800,000.00. Following the completion of the sale, the chief financial officer owned 134,501 shares in the company, valued at approximately $1,076,008. This trade represents a 42.64% decrease in their position. The disclosure for this sale 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 Trading of Navitas Semiconductor

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cranbrook Wealth Management LLC bought a new stake in Navitas Semiconductor in the 2nd quarter valued at $25,000. ST Germain D J Co. Inc. acquired a new stake in shares of Navitas Semiconductor during the second quarter worth $33,000. American Century Companies Inc. grew its stake in shares of Navitas Semiconductor by 52.7% in the fourth 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 in the last quarter. Tower Research Capital LLC TRC increased its position in Navitas Semiconductor by 125.4% during the fourth 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 period. Finally, Nisa Investment Advisors LLC increased its position in Navitas Semiconductor by 121.8% during the second 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 period. Institutional investors own 46.14% of the company's stock.

Navitas Semiconductor Trading Down 1.9%

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 firm's 50 day simple moving average is $6.99 and its two-hundred day simple moving average is $4.10.

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, hitting analysts' consensus estimates of ($0.05). Navitas Semiconductor had a negative return on equity of 18.16% and a negative net margin of 182.63%. The business had revenue of $14.49 million for the quarter, compared to the consensus estimate of $14.43 million. During the same quarter in the prior year, the business posted ($0.07) earnings per share. The firm's quarterly revenue was down 29.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.

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.