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

Navitas Semiconductor (NASDAQ:NVTS) had its target price upped by stock analysts at Rosenblatt Securities from $4.00 to $6.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 36.05% from the company’s current price.

Other analysts have also issued reports about the company. Morgan Stanley lowered Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. Robert W. Baird lowered their price target on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Finally, Needham & Company LLC lowered their price target on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Navitas Semiconductor presently has an average rating of “Moderate Buy” and a consensus price target of $3.79.

Navitas Semiconductor Trading Down 12.7%

Shares of NVTS opened at $4.41 on Thursday. Navitas Semiconductor has a 12 month low of $1.52 and a 12 month high of $5.25. The stock’s 50 day moving average is $2.06 and its two-hundred day moving average is $2.67. The firm has a market cap of $845.87 million, a P/E ratio of -10.50 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The firm had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The business’s revenue was down 39.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) earnings per share. Equities research analysts forecast that Navitas Semiconductor will post -0.51 EPS for the current year.

Insider Buying and Selling

In related news, Director Brian Long sold 47,189 shares of Navitas Semiconductor stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $2.36, for a total transaction of $111,366.04. Following the transaction, the director now owns 31,460 shares in the company, valued at approximately $74,245.60. This trade represents a 60.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Todd Glickman sold 13,644 shares of Navitas Semiconductor stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total value of $35,337.96. Following the transaction, the chief financial officer now owns 684,497 shares in the company, valued at approximately $1,772,847.23. The trade was a 1.95% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 153,877 shares of company stock worth $349,262. 31.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors have recently added to or reduced their stakes in the stock. Goodman Financial Corp purchased a new stake in Navitas Semiconductor in the fourth quarter valued at $36,000. Caption Management LLC purchased a new stake in Navitas Semiconductor in the fourth quarter valued at $36,000. Tower Research Capital LLC TRC raised its position in Navitas Semiconductor by 125.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company’s stock valued at $37,000 after purchasing an additional 5,726 shares during the period. Steel Grove Capital Advisors LLC purchased a new stake in Navitas Semiconductor in the fourth quarter valued at $39,000. Finally, Cibc World Markets Corp purchased a new stake in Navitas Semiconductor in the fourth quarter valued at $42,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

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.