Navitas Semiconductor (NASDAQ:NVTS) Price Target Cut to $8.00 by Analysts at Rosenblatt Securities

Key Points

• Rosenblatt Securities has reduced its price target for Navitas Semiconductor (NASDAQ:NVTS) from $10.00 to $8.00, suggesting a potential downside of 0.62% from the stock's previous close, while maintaining a "buy" rating.
• Several brokerages have echoed the pessimistic sentiment, with Needham & Company reducing its target to $3.00 and Morgan Stanley lowering it to $1.50, reflecting a consensus rating of "Hold" and a price target of $5.17.
• Despite negative financial performance, including a negative net margin of 131.83%, insider transactions show interest, with Director Ranbir Singh purchasing 18.6 million shares valued at approximately $163.9 million.

Navitas Semiconductor (NASDAQ:NVTS - Free Report) had its target price reduced by Rosenblatt Securities from $10.00 to $8.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently commented on the stock. Craig Hallum cut shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price target for the company. in a report on Tuesday. Needham & Company LLC lowered their target price on shares of 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 cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Finally, Deutsche Bank Aktiengesellschaft downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target for the company. in a report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $5.65.

Navitas Semiconductor Stock Down 1.9%

Navitas Semiconductor stock traded down $0.13 during mid-day trading on Tuesday, reaching $6.66. 20,572,081 shares of the company's stock were exchanged, compared to its average volume of 22,333,566. Navitas Semiconductor has a twelve month low of $1.52 and a twelve month high of $9.48. The company has a market cap of $1.28 billion, a P/E ratio of -10.25 and a beta of 3.02. The company has a fifty day moving average of $6.96 and a 200-day moving average of $4.07.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its earnings results on Monday, August 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $14.49 million during the quarter, compared to analyst estimates of $14.43 million. During the same period last year, the business posted ($0.07) earnings per share. Navitas Semiconductor's revenue was down 29.2% compared to the same quarter last year. Equities research analysts expect 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 2,955,509 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $6.61, for a total transaction of $19,535,914.49. Following the transaction, the director owned 5,920,991 shares in the company, valued at $39,137,750.51. This trade represents a 33.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Todd Glickman sold 532,342 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $4.49, for a total value of $2,390,215.58. Following the transaction, the chief financial officer directly owned 234,501 shares in the company, valued at approximately $1,052,909.49. This trade represents a 69.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,084,600 shares of company stock valued at $99,761,157 over the last ninety days. Company insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors have recently modified their holdings of the business. Cranbrook Wealth Management LLC purchased a new stake in shares of Navitas Semiconductor during the second quarter worth approximately $25,000. Simplicity Wealth LLC acquired a new position in Navitas Semiconductor in the 1st quarter valued at $26,000. Larson Financial Group LLC purchased a new position in Navitas Semiconductor during the 1st quarter worth $28,000. Benjamin Edwards Inc. acquired a new stake in shares of Navitas Semiconductor in the 1st quarter worth $31,000. Finally, ST Germain D J Co. Inc. purchased a new stake in shares of Navitas Semiconductor in the second quarter valued at about $33,000. 46.14% of the stock is owned by institutional investors and hedge funds.

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.