Navitas Semiconductor's (NVTS) "Buy" Rating Reiterated at Rosenblatt Securities

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Rosenblatt Securities in a research note issued on Tuesday,Benzinga reports. They presently have a $4.00 target price on the stock. Rosenblatt Securities' price target points to a potential upside of 112.77% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Needham & Company LLC dropped their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Robert W. Baird reduced their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $3.54.

Navitas Semiconductor Price Performance

Shares of NASDAQ:NVTS traded down $0.02 on Tuesday, hitting $1.88. 2,939,237 shares of the company's stock were exchanged, compared to its average volume of 3,782,271. The stock has a market capitalization of $358.20 million, a price-to-earnings ratio of -4.48 and a beta of 2.24. Navitas Semiconductor has a 12 month low of $1.52 and a 12 month high of $5.14. The business's 50 day simple moving average is $2.04 and its two-hundred day simple moving average is $2.67.

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

Insider Buying and Selling

In related news, CFO Todd Glickman sold 13,644 shares of the business's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total transaction of $35,337.96. Following the transaction, the chief financial officer now directly owns 684,497 shares in the company, valued at $1,772,847.23. The trade was a 1.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Long sold 47,189 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the sale, the director now owns 31,460 shares of the company's stock, valued at approximately $74,245.60. This trade represents a 60.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,877 shares of company stock worth $193,262 in the last 90 days. 31.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds have recently modified their holdings of the stock. 180 Wealth Advisors LLC increased its stake in Navitas Semiconductor by 15.3% during 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 in the last quarter. SG Americas Securities LLC increased its position in shares of Navitas Semiconductor by 81.7% in the 4th quarter. SG Americas Securities LLC now owns 98,601 shares of the company's stock valued at $352,000 after acquiring an additional 44,340 shares during the period. Wesbanco Bank Inc. purchased a new position in Navitas Semiconductor in the 4th quarter worth $357,000. Signature Wealth Management Partners LLC acquired a new stake in Navitas Semiconductor during the 4th quarter worth about $51,000. Finally, Compass Capital Corp MA ADV purchased a new stake in Navitas Semiconductor during the 4th quarter valued at about $553,000. Institutional investors and hedge funds own 46.14% of the company's stock.

Navitas Semiconductor Company Profile

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.