Rosenblatt Securities Issues Pessimistic Forecast for Navitas Semiconductor (NASDAQ:NVTS) Stock Price

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 - Get Free Report) had its price objective reduced by research analysts at Rosenblatt Securities from $10.00 to $8.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Rosenblatt Securities' target price suggests a potential downside of 0.62% from the stock's previous close.

A number of other brokerages have also recently weighed in on NVTS. Needham & Company LLC reduced their target price on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 target price for the company. in a research report on Tuesday, June 17th. Finally, Craig Hallum cut shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price target on the stock. in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $5.17.

Navitas Semiconductor Stock Performance

NVTS opened at $8.05 on Tuesday. Navitas Semiconductor has a 1 year low of $1.52 and a 1 year high of $9.48. The company's 50 day simple moving average is $6.92 and its 200 day simple moving average is $4.01. The stock has a market capitalization of $1.54 billion, a PE ratio of -15.48 and a beta of 3.02.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Navitas Semiconductor had a negative net margin of 131.83% and a negative return on equity of 22.62%. The company had revenue of $14.49 million for the quarter, compared to the consensus estimate of $14.43 million. During the same quarter last year, the firm posted ($0.07) earnings per share. Navitas Semiconductor's revenue was down 29.2% on a year-over-year basis. As a group, sell-side 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 Ranbir Singh purchased 18,645,603 shares of the firm's stock in a transaction on Monday, July 28th. The stock was purchased at an average price of $8.79 per share, for a total transaction of $163,894,850.37. Following the acquisition, the director directly owned 18,645,603 shares in the company, valued at $163,894,850.37. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Todd Glickman sold 100,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $8.00, for a total transaction of $800,000.00. Following the sale, the chief financial officer directly owned 134,501 shares of the company's stock, valued at approximately $1,076,008. The trade was a 42.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,084,600 shares of company stock valued at $99,761,157. 29.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Cranbrook Wealth Management LLC bought a new stake in shares of Navitas Semiconductor in the 2nd quarter worth about $25,000. ST Germain D J Co. Inc. acquired a new stake in Navitas Semiconductor during the second quarter worth about $33,000. Caption Management LLC bought a new position in Navitas Semiconductor in the fourth quarter worth about $36,000. HighMark Wealth Management LLC acquired a new position in Navitas Semiconductor in the second quarter valued at approximately $66,000. Finally, West Tower Group LLC acquired a new position in Navitas Semiconductor during the 2nd quarter valued at approximately $66,000. 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.

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