Navitas Semiconductor (NASDAQ:NVTS) Stock Gets Price Target Cut from Needham & Company LLC

Navitas Semiconductor (NASDAQ:NVTS) had its price target reduced by Needham & Company LLC from $21.00 to $15.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the company. Craig Hallum upgraded Navitas Semiconductor from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Wednesday. Jefferies Financial Group set a $13.00 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Rosenblatt Securities upgraded shares of Navitas Semiconductor from a “neutral” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Wednesday. Morgan Stanley reaffirmed an “underweight” rating and set a $12.60 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $14.43.

Navitas Semiconductor Stock Performance

Shares of NASDAQ:NVTS opened at $8.61 on Wednesday. The company’s 50-day moving average is $10.49 and its 200 day moving average is $13.21. The company has a market capitalization of $2.25 billion, a P/E ratio of -6.24 and a beta of 4.04. Navitas Semiconductor has a fifty-two week low of $6.85 and a fifty-two week high of $34.17.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $13.99 million during the quarter, compared to the consensus estimate of $13.42 million. Navitas Semiconductor had a negative net margin of 856.85% and a negative return on equity of 13.13%. The business’s revenue for the quarter was up 38.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) earnings per share. As a group, research analysts predict that Navitas Semiconductor will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Navitas Semiconductor during the 2nd quarter worth $290,970,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Navitas Semiconductor during the second quarter worth $75,701,000. Tidal Investments LLC grew its position in Navitas Semiconductor by 161.2% during the 2nd quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock worth $20,289,000 after acquiring an additional 698,683 shares during the last quarter. Wellington Management Group LLP bought a new stake in Navitas Semiconductor in the second quarter valued at about $16,757,000. Finally, Bank of America Corp DE lifted its stake in Navitas Semiconductor by 17.2% in the 1st quarter. Bank of America Corp DE now owns 826,674 shares of the company’s stock valued at $7,250,000 after acquiring an additional 121,162 shares in the last quarter. 46.14% of the stock is owned by hedge funds and other institutional investors.

About Navitas Semiconductor

Navitas Semiconductor Corporation (NASDAQ:NVTS) develops power semiconductor technologies designed to improve the efficiency, performance and size of electronic systems. The company specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, which are used to convert and manage electrical power.

Its product portfolio includes GaNFast power ICs, GeneSiC silicon carbide products and related power-management solutions. These technologies are used in applications such as mobile and consumer chargers, data centers, solar inverters, electric vehicles, energy storage systems, appliances and industrial equipment.

Founded in 2014, Navitas serves customers and markets globally through its semiconductor products and engineering support.