Needham & Company LLC Forecasts Strong Price Appreciation for Navitas Semiconductor (NASDAQ:NVTS) Stock

Key Points

• Needham & Company LLC has raised its price target for Navitas Semiconductor (NASDAQ:NVTS) from $3.00 to $8.00, maintaining a "buy" rating despite a potential downside of 0.62% from the current price.
• Other analysts have varied opinions, with Deutsche Bank downgrading Navitas from "buy" to "hold" with a price objective of $3.50, while Morgan Stanley reduced its target to $1.50.
• Navitas recently posted quarterly earnings that met analyst expectations, reporting revenue of $14.49 million and earnings per share of ($0.05), a decline from the same quarter last year.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) had its price objective raised by research analysts at Needham & Company LLC from $3.00 to $8.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential downside of 0.62% from the stock's current price.

A number of other equities analysts have also recently commented on the stock. 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 note on Tuesday, June 17th. Rosenblatt Securities reduced their price objective on Navitas Semiconductor from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Tuesday. Craig Hallum lowered Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price objective for the company. in a research note on Tuesday. Finally, Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor currently has a consensus rating of "Hold" and a consensus target price of $5.17.

Navitas Semiconductor Stock Up 1.1%

Shares of Navitas Semiconductor stock opened at $8.05 on Tuesday. Navitas Semiconductor has a 52 week low of $1.52 and a 52 week high of $9.48. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -15.48 and a beta of 3.02. The stock's 50-day simple moving average is $6.92 and its 200-day simple moving average is $4.01.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported ($0.05) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.05). Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The firm had revenue of $14.49 million during the quarter, compared to analyst estimates of $14.43 million. During the same quarter last year, the business posted ($0.07) earnings per share. The business's quarterly revenue was down 29.2% compared to the same quarter last year. On average, equities analysts expect that Navitas Semiconductor will post -0.51 earnings per share for the current year.

Insider Buying and Selling

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $8.12, for a total transaction of $162,400.00. Following the completion of the transaction, the director owned 45,456 shares in the company, valued at $369,102.72. The trade was a 30.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Eugene Sheridan sold 238,668 shares of the 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 owned 461,332 shares in the company, valued at approximately $3,459,990. The trade was a 34.10% 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. 29.90% of the stock is currently owned by company insiders.

Institutional Trading of Navitas Semiconductor

Institutional investors and hedge funds have recently made changes to their positions in the business. Kovack Advisors Inc. purchased a new stake in shares of Navitas Semiconductor during the second quarter valued at $102,000. Spire Wealth Management lifted its holdings in Navitas Semiconductor by 1,480.0% during the 2nd quarter. Spire Wealth Management now owns 15,800 shares of the company's stock valued at $103,000 after buying an additional 14,800 shares in the last quarter. Arkadios Wealth Advisors bought a new stake in Navitas Semiconductor during the 2nd quarter valued at about $74,000. Envestnet Asset Management Inc. purchased a new stake in Navitas Semiconductor in the 2nd quarter valued at about $421,000. Finally, Nisa Investment Advisors LLC boosted its position 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 buying an additional 6,377 shares during the period. 46.14% of the stock is currently owned by institutional investors.

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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