Rosenblatt Securities Raises Navitas Semiconductor (NASDAQ:NVTS) Price Target to $6.00

Navitas Semiconductor (NASDAQ:NVTS) had its price objective hoisted by Rosenblatt Securities from $4.00 to $6.00 in a research note released on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. 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 research report on Wednesday, March 5th. Needham & Company LLC reduced their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Finally, Morgan Stanley lowered Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $2.10 to $1.50 in a report on Monday, April 7th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor presently has an average rating of “Moderate Buy” and a consensus target price of $3.79.

Navitas Semiconductor Price Performance

Shares of NVTS stock opened at $5.05 on Thursday. Navitas Semiconductor has a 1-year low of $1.52 and a 1-year high of $5.25. The business’s fifty day moving average price is $2.02 and its 200 day moving average price is $2.66. The firm has a market capitalization of $968.63 million, a PE ratio of -12.02 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). The business had revenue of $14.02 million for 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 business’s revenue for the quarter was down 39.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) EPS. Equities research analysts expect that Navitas Semiconductor will post -0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Brian Long sold 47,189 shares of the business’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the transaction, the director now directly owns 31,460 shares of the company’s stock, valued at $74,245.60. The trade was a 60.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Todd Glickman sold 13,644 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total value of $35,337.96. Following the completion of the sale, the chief financial officer now owns 684,497 shares in the company, valued at $1,772,847.23. This represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 153,877 shares of company stock worth $349,262 over the last ninety days. 31.80% of the stock is currently owned by insiders.

Institutional Trading of Navitas Semiconductor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its stake in shares of Navitas Semiconductor by 52.7% during the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company’s stock worth $56,000 after purchasing an additional 5,419 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Navitas Semiconductor by 125.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company’s stock valued at $37,000 after buying an additional 5,726 shares during the period. 180 Wealth Advisors LLC boosted its position in Navitas Semiconductor by 7.6% during the first quarter. 180 Wealth Advisors LLC now owns 97,602 shares of the company’s stock worth $200,000 after acquiring an additional 6,920 shares during the last quarter. Goodman Financial Corp purchased a new stake in Navitas Semiconductor in the 4th quarter worth approximately $36,000. Finally, Caption Management LLC purchased a new stake in Navitas Semiconductor in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors 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.