Navitas Semiconductor (NASDAQ:NVTS) Stock Price Up 6.3% - Still a Buy?

Key Points

• Navitas Semiconductor shares rose 6.3% to about $12.15, although trading volume was roughly 90% below the average session volume.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a consensus price target of $15.92, with ratings ranging from Buy to Sell.
• The company met quarterly EPS expectations at a loss of $0.04 and exceeded revenue estimates, but revenue fell 27.3% year over year and profitability remained weak, including a negative net margin of 856.85%.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares shot up 6.3% on Monday . The stock traded as high as $12.25 and last traded at $12.1510. 2,344,371 shares were traded during trading, a decline of 90% from the average session volume of 23,882,727 shares. The stock had previously closed at $11.43.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NVTS shares. Rosenblatt Securities reissued a "neutral" rating and issued a $13.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Needham & Company LLC reaffirmed a "buy" rating and issued a $21.00 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Jefferies Financial Group set a $13.00 price target on Navitas Semiconductor in a research note on Tuesday, July 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Finally, Morgan Stanley restated an "underweight" rating and set a $12.60 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Navitas Semiconductor has an average rating of "Hold" and an average price target of $15.92.

Navitas Semiconductor Stock Up 5.9%

The stock has a 50 day moving average price of $12.09 and a 200 day moving average price of $14.96. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -9.12 and a beta of 3.88.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). The company had revenue of $10.53 million during the quarter, compared to the consensus estimate of $9.97 million. Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%.The firm's revenue was down 27.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.25) earnings per share. Sell-side analysts forecast that Navitas Semiconductor Corporation will post -0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

Several large investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Navitas Semiconductor in the second quarter worth $290,970,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Navitas Semiconductor during the 2nd quarter worth $75,701,000. Tidal Investments LLC raised its position in Navitas Semiconductor by 161.2% during the 2nd quarter. Tidal Investments LLC now owns 1,132,184 shares of the company's stock worth $20,289,000 after purchasing an additional 698,683 shares during the last quarter. Wellington Management Group LLP acquired a new position in Navitas Semiconductor during the 2nd quarter worth about $16,757,000. Finally, Bank of America Corp DE lifted its holdings in Navitas Semiconductor by 17.2% during the 1st quarter. Bank of America Corp DE now owns 826,674 shares of the company's stock worth $7,250,000 after buying an additional 121,162 shares during the period. Institutional investors own 46.14% of the company's stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation NASDAQ: NVTS develops gallium nitride (GaN) and silicon carbide (SiC) power semiconductor technologies. Its products are designed to improve the efficiency, power density and size of power-conversion systems used in electronic devices and infrastructure.

The company offers GaN power integrated circuits, including its GaNFast product family, as well as SiC devices and related technologies marketed under the GeneSiC brand. Its products are used in applications such as mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, appliances, industrial equipment and other high-power systems.

Founded in 2014, Navitas is headquartered in Torrance, California, and serves customers and markets internationally.

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