Navitas Semiconductor’s (NVTS) “Neutral” Rating Reaffirmed at Rosenblatt Securities

Navitas Semiconductor (NASDAQ:NVTS)‘s stock had its “neutral” rating reaffirmed by Rosenblatt Securities in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $13.00 price target on the stock. Rosenblatt Securities’ target price points to a potential upside of 4.88% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a report on Tuesday, July 28th. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Morgan Stanley restated an “underweight” rating and issued a $12.60 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Monday, September 14th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $15.92.

Navitas Semiconductor Price Performance

Navitas Semiconductor stock traded up $0.28 during midday trading on Tuesday, reaching $12.40. The company had a trading volume of 21,837,906 shares, compared to its average volume of 23,613,117. Navitas Semiconductor has a 12-month low of $6.85 and a 12-month high of $34.17. The company has a market capitalization of $3.24 billion, a P/E ratio of -9.32 and a beta of 3.96. The firm’s fifty day simple moving average is $12.01 and its 200-day simple moving average is $15.13.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Monday, July 27th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $10.53 million during the quarter, compared to analysts’ expectations of $9.97 million. Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%.The business’s revenue was down 27.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.25) earnings per share. On average, analysts expect that Navitas Semiconductor will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

Several large investors have recently made changes to their positions in NVTS. BlackRock Inc. acquired a new stake in Navitas Semiconductor in the 2nd quarter valued at approximately $290,970,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Navitas Semiconductor during the second quarter worth $75,701,000. Tidal Investments LLC boosted its position in shares of Navitas Semiconductor by 161.2% during the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock worth $20,289,000 after buying an additional 698,683 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Navitas Semiconductor in the second quarter valued at $16,757,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Navitas Semiconductor in the second quarter valued at $9,116,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

About Navitas Semiconductor

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.