Needham & Company LLC Boosts Navitas Semiconductor (NASDAQ:NVTS) Price Target to $8.00

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 - Free Report) had its price target increased by Needham & Company LLC from $3.00 to $8.00 in a research note published on Tuesday, MarketBeat reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also recently commented on NVTS. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their price target for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Craig Hallum downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 target price on the stock. in a report on Tuesday. Rosenblatt Securities lowered their price target on Navitas Semiconductor from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective on the stock. in a research report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $5.65.

Navitas Semiconductor Stock Performance

Shares of NASDAQ NVTS traded down $0.13 during mid-day trading on Tuesday, hitting $6.66. The stock had a trading volume of 20,572,081 shares, compared to its average volume of 22,333,566. The business has a 50 day moving average price of $6.96 and a two-hundred day moving average price of $4.07. Navitas Semiconductor has a 1 year low of $1.52 and a 1 year high of $9.48. The firm has a market cap of $1.28 billion, a P/E ratio of -10.25 and a beta of 3.02.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($0.05) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). The company had revenue of $14.49 million during the quarter, compared to the consensus estimate of $14.43 million. Navitas Semiconductor had a negative return on equity of 18.16% and a negative net margin of 182.63%. The firm's revenue for the quarter was down 29.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Equities research analysts predict that Navitas Semiconductor will post -0.51 EPS for the current fiscal year.

Insider Activity at Navitas Semiconductor

In other news, Director Brian Long sold 2,955,509 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $6.61, for a total value of $19,535,914.49. Following the transaction, the director owned 5,920,991 shares of the company's stock, valued at $39,137,750.51. This trade represents a 33.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Todd Glickman sold 532,342 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total value of $2,390,215.58. Following the transaction, the chief financial officer owned 234,501 shares of the company's stock, valued at approximately $1,052,909.49. This trade represents a 69.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,084,600 shares of company stock valued at $99,761,157 in the last ninety days. Corporate insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in NVTS. 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. bought a new stake in shares of Navitas Semiconductor in the second quarter worth about $33,000. PNC Financial Services Group Inc. increased its holdings in shares of Navitas Semiconductor by 1,510.4% in the second quarter. PNC Financial Services Group Inc. now owns 7,424 shares of the company's stock worth $49,000 after purchasing an additional 6,963 shares during the last quarter. Caption Management LLC purchased a new stake in shares of Navitas Semiconductor in the fourth quarter worth about $36,000. Finally, HighMark Wealth Management LLC bought a new position in Navitas Semiconductor during the second quarter valued at approximately $66,000. Institutional investors own 46.14% of the company's stock.

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.