Navitas Semiconductor (NASDAQ:NVTS) Downgraded to Hold Rating by Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor (NASDAQ:NVTS) from a buy rating to a hold rating in a report published on Tuesday, Marketbeat.com reports. Deutsche Bank Aktiengesellschaft currently has $3.50 price target on the stock.

Several other equities research analysts have also recently issued reports on the stock. Rosenblatt Securities lifted their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Needham & Company LLC cut 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. Robert W. Baird cut 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, Morgan Stanley cut Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $2.10 to $1.50 in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.71.

Navitas Semiconductor Stock Up 2.0%

Shares of NVTS stock opened at $7.00 on Tuesday. Navitas Semiconductor has a 52 week low of $1.52 and a 52 week high of $9.17. The stock has a market capitalization of $1.34 billion, a PE ratio of -13.46 and a beta of 2.96. The firm has a 50 day moving average of $3.80 and a two-hundred day moving average of $3.24.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative net margin of 131.83% and a negative return on equity of 22.62%. The company had revenue of $14.02 million during the quarter, compared to analysts’ expectations of $14.01 million. During the same quarter last year, the company posted ($0.06) EPS. The firm’s revenue was down 39.7% compared to the same quarter last year. Analysts expect that Navitas Semiconductor will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, CFO Todd Glickman sold 532,342 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $4.49, for a total transaction of $2,390,215.58. Following the transaction, the chief financial officer now owns 234,501 shares of the company’s stock, valued at approximately $1,052,909.49. This trade represents a 69.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Sicpower, Llc sold 8,500 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $6.53, for a total value of $55,505.00. Following the transaction, the insider now directly owns 24,874,661 shares in the company, valued at approximately $162,431,536.33. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,084,600 shares of company stock worth $99,761,157 over the last ninety days. Corporate insiders own 29.90% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds have recently made changes to their positions in NVTS. Compass Capital Corp MA ADV purchased a new position in shares of Navitas Semiconductor during the fourth quarter worth about $553,000. Edge Capital Group LLC purchased a new position in shares of Navitas Semiconductor during the fourth quarter worth about $987,000. Bank of New York Mellon Corp grew its holdings in shares of Navitas Semiconductor by 27.6% during the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company’s stock worth $1,780,000 after buying an additional 107,828 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Navitas Semiconductor during the fourth quarter worth about $66,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Navitas Semiconductor by 7.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company’s stock worth $3,737,000 after buying an additional 76,870 shares during the last quarter. 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.