Needham & Company LLC Has Lowered Expectations for Navitas Semiconductor (NASDAQ:NVTS) Stock Price

Navitas Semiconductor (NASDAQ:NVTS - Free Report) had its target price cut by Needham & Company LLC from $4.00 to $3.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on NVTS. Robert W. Baird cut their target price on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $5.00 price target on shares of Navitas Semiconductor in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Navitas Semiconductor has an average rating of "Moderate Buy" and an average price target of $3.54.

Navitas Semiconductor Stock Performance

Shares of NASDAQ NVTS traded down $0.02 during midday trading on Tuesday, reaching $1.88. 2,939,237 shares of the company's stock were exchanged, compared to its average volume of 3,782,271. Navitas Semiconductor has a 52-week low of $1.52 and a 52-week high of $5.14. The business's fifty day moving average price is $2.04 and its two-hundred day moving average price is $2.67. The stock has a market capitalization of $358.20 million, a PE ratio of -4.48 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.06). The company had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. Navitas Semiconductor's quarterly revenue was down 39.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) EPS. Analysts predict that Navitas Semiconductor will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Brian Long sold 47,189 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $2.36, for a total transaction of $111,366.04. Following the transaction, the director now owns 31,460 shares in the company, valued at $74,245.60. This trade represents a 60.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Todd Glickman sold 13,644 shares of the firm's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total transaction of $35,337.96. Following the transaction, the chief financial officer now owns 684,497 shares of the company's stock, valued at approximately $1,772,847.23. This trade represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,877 shares of company stock valued at $193,262 in the last quarter. Company insiders own 31.80% of the company's stock.

Institutional Trading of Navitas Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the company. 180 Wealth Advisors LLC lifted its stake in shares of Navitas Semiconductor by 15.3% in the 4th quarter. 180 Wealth Advisors LLC now owns 90,682 shares of the company's stock valued at $324,000 after purchasing an additional 12,027 shares during the last quarter. SG Americas Securities LLC raised its holdings in Navitas Semiconductor by 81.7% during the fourth quarter. SG Americas Securities LLC now owns 98,601 shares of the company's stock valued at $352,000 after buying an additional 44,340 shares in the last quarter. Wesbanco Bank Inc. acquired a new stake in shares of Navitas Semiconductor in the fourth quarter worth about $357,000. Signature Wealth Management Partners LLC acquired a new position in shares of Navitas Semiconductor during the 4th quarter valued at about $51,000. Finally, Compass Capital Corp MA ADV bought a new position in shares of Navitas Semiconductor in the 4th quarter valued at approximately $553,000. 46.14% of the stock is currently owned by hedge funds and other 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.