Navitas Semiconductor (NASDAQ:NVTS) Price Target Cut to $7.00 by Analysts at Needham & Company LLC

Navitas Semiconductor (NASDAQ:NVTS) had its price objective reduced by equities research analysts at Needham & Company LLC from $9.00 to $7.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 49.25% from the stock’s previous close.

Several other brokerages have also commented on NVTS. Rosenblatt Securities restated a “buy” rating and issued a $12.00 price objective on shares of Navitas Semiconductor in a report on Friday, May 3rd. Northland Securities assumed coverage on Navitas Semiconductor in a research note on Tuesday, January 16th. They issued a “market perform” rating for the company. Finally, Robert W. Baird reduced their price target on Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a research note on Friday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Navitas Semiconductor currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.65.

Navitas Semiconductor Stock Up 2.4 %

Shares of Navitas Semiconductor stock opened at $4.69 on Friday. The company’s fifty day simple moving average is $4.58 and its two-hundred day simple moving average is $5.94. Navitas Semiconductor has a 12-month low of $3.54 and a 12-month high of $11.16. The firm has a market cap of $840.68 million, a PE ratio of -5.33 and a beta of 2.52.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Navitas Semiconductor had a negative return on equity of 18.81% and a negative net margin of 183.04%. The company had revenue of $26.06 million for the quarter, compared to the consensus estimate of $25.68 million. As a group, sell-side analysts expect that Navitas Semiconductor will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In related news, COO Daniel M. Kinzer sold 24,073 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $115,550.40. Following the sale, the chief operating officer now owns 4,538,353 shares of the company’s stock, valued at $21,784,094.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Eugene Sheridan sold 38,431 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $184,468.80. Following the transaction, the chief executive officer now directly owns 3,061,631 shares in the company, valued at $14,695,828.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Daniel M. Kinzer sold 24,073 shares of Navitas Semiconductor stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $115,550.40. Following the sale, the chief operating officer now owns 4,538,353 shares of the company’s stock, valued at approximately $21,784,094.40. The disclosure for this sale can be found here. Insiders have sold 73,429 shares of company stock valued at $352,459 over the last 90 days. 36.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Navitas Semiconductor by 14.2% during the third quarter. Vanguard Group Inc. now owns 8,572,707 shares of the company’s stock valued at $59,580,000 after acquiring an additional 1,064,010 shares in the last quarter. Kodai Capital Management LP purchased a new stake in shares of Navitas Semiconductor in the 4th quarter worth $31,869,000. Intrinsic Edge Capital Management LLC grew its position in shares of Navitas Semiconductor by 91.6% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,717,692 shares of the company’s stock worth $21,932,000 after buying an additional 1,299,524 shares in the last quarter. Masters Capital Management LLC increased its stake in shares of Navitas Semiconductor by 55.3% during the fourth quarter. Masters Capital Management LLC now owns 1,700,000 shares of the company’s stock valued at $13,719,000 after buying an additional 605,000 shares during the period. Finally, Penn Capital Management Company LLC raised its holdings in shares of Navitas Semiconductor by 9.0% in the fourth quarter. Penn Capital Management Company LLC now owns 1,360,204 shares of the company’s stock valued at $10,992,000 after acquiring an additional 112,551 shares in the last quarter. 46.14% of the stock is currently owned by 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.