Navitas Semiconductor (NASDAQ:NVTS) Stock Rating Reaffirmed by Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Navitas Semiconductor (NASDAQ:NVTS) in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has a $12.00 target price on the stock.

A number of other research analysts have also recently commented on the stock. Robert W. Baird raised their price target on shares of Navitas Semiconductor from $10.00 to $12.00 and gave the stock an outperform rating in a research note on Wednesday, August 16th. Bank of America cut their price target on shares of Navitas Semiconductor from $11.00 to $10.00 and set a neutral rating for the company in a research note on Tuesday, August 15th. Morgan Stanley initiated coverage on shares of Navitas Semiconductor in a research note on Monday, August 28th. They issued an equal weight rating and a $9.20 target price for the company. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Navitas Semiconductor from $8.00 to $9.00 in a research note on Tuesday, May 16th. Finally, Needham & Company LLC lifted their target price on shares of Navitas Semiconductor from $8.00 to $11.00 and gave the company a buy rating in a research note on Tuesday, August 15th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $9.89.

Navitas Semiconductor Stock Performance

Shares of NASDAQ:NVTS opened at $8.26 on Thursday. The company has a market cap of $1.43 billion, a P/E ratio of -8.10 and a beta of 2.41. The stock’s 50-day moving average is $9.34 and its 200-day moving average is $8.08. Navitas Semiconductor has a 52-week low of $3.11 and a 52-week high of $11.16.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings results on Monday, August 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.06. The company had revenue of $18.06 million for the quarter, compared to the consensus estimate of $16.52 million. Navitas Semiconductor had a negative return on equity of 21.11% and a negative net margin of 294.91%. As a group, equities analysts predict that Navitas Semiconductor will post -0.46 EPS for the current year.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, CEO Eugene Sheridan sold 24,374 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $9.99, for a total transaction of $243,496.26. Following the completion of the sale, the chief executive officer now directly owns 975,626 shares in the company, valued at $9,746,503.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Navitas Semiconductor news, CEO Eugene Sheridan sold 24,374 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $9.99, for a total value of $243,496.26. Following the sale, the chief executive officer now owns 975,626 shares in the company, valued at $9,746,503.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ron Shelton sold 34,245 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $7.81, for a total transaction of $267,453.45. Following the completion of the sale, the chief financial officer now owns 420,307 shares in the company, valued at approximately $3,282,597.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 974,171 shares of company stock worth $8,263,620. Insiders own 36.80% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. increased its position in shares of Navitas Semiconductor by 11.2% during the second quarter. Victory Capital Management Inc. now owns 11,278 shares of the company’s stock worth $119,000 after acquiring an additional 1,135 shares in the last quarter. Harvest Fund Management Co. Ltd grew its position in Navitas Semiconductor by 100.0% in the 2nd quarter. Harvest Fund Management Co. Ltd now owns 5,000 shares of the company’s stock worth $53,000 after purchasing an additional 2,500 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Navitas Semiconductor in the 2nd quarter worth about $30,000. Aspire Private Capital LLC grew its position in Navitas Semiconductor by 55.6% in the 4th quarter. Aspire Private Capital LLC now owns 14,000 shares of the company’s stock worth $49,140,000,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Navitas Semiconductor by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 393,833 shares of the company’s stock worth $1,382,000 after purchasing an additional 5,188 shares in the last quarter. 37.45% of the stock is 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.