Brokerages Set Navitas Semiconductor Co. (NASDAQ:NVTS) PT at $9.82

Navitas Semiconductor Co. (NASDAQ:NVTS) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $9.82.

A number of research firms have commented on NVTS. Needham & Company LLC reduced their target price on Navitas Semiconductor from $10.00 to $9.00 and set a “buy” rating for the company in a report on Friday, March 1st. Rosenblatt Securities reiterated a “buy” rating and issued a $12.00 price objective on shares of Navitas Semiconductor in a report on Friday, March 1st. Finally, Northland Securities started coverage on Navitas Semiconductor in a research report on Tuesday, January 16th. They issued a “market perform” rating for the company.

Navitas Semiconductor Price Performance

NASDAQ:NVTS opened at $3.79 on Friday. Navitas Semiconductor has a one year low of $3.54 and a one year high of $11.16. The company’s 50-day simple moving average is $4.98 and its 200 day simple moving average is $6.06. The firm has a market capitalization of $679.36 million, a P/E ratio of -4.31 and a beta of 2.54.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $26.06 million during the quarter, compared to analyst estimates of $25.68 million. Navitas Semiconductor had a negative return on equity of 18.81% and a negative net margin of 183.04%. On average, equities research analysts expect that Navitas Semiconductor will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In other news, EVP Ranbir Singh sold 10,925 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $52,440.00. Following the transaction, the executive vice president now owns 29,357 shares in the company, valued at approximately $140,913.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Eugene Sheridan sold 38,431 shares of Navitas Semiconductor stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $184,468.80. Following the transaction, the chief executive officer now directly owns 3,061,631 shares in the company, valued at $14,695,828.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ranbir Singh sold 10,925 shares of Navitas Semiconductor stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $52,440.00. Following the transaction, the executive vice president now directly owns 29,357 shares in the company, valued at $140,913.60. The disclosure for this sale can be found here. Insiders sold a total of 73,429 shares of company stock worth $352,459 in the last three months. 36.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System lifted its holdings in Navitas Semiconductor by 7.8% during the third quarter. State Board of Administration of Florida Retirement System now owns 31,230 shares of the company’s stock valued at $217,000 after purchasing an additional 2,250 shares in the last quarter. Laidlaw Wealth Management LLC increased its stake in shares of Navitas Semiconductor by 16.7% in the fourth quarter. Laidlaw Wealth Management LLC now owns 18,316 shares of the company’s stock worth $148,000 after purchasing an additional 2,618 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Navitas Semiconductor by 23.9% during the 4th quarter. Victory Capital Management Inc. now owns 15,842 shares of the company’s stock valued at $128,000 after purchasing an additional 3,052 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Navitas Semiconductor by 52.3% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 11,210 shares of the company’s stock valued at $76,000 after buying an additional 3,850 shares in the last quarter. Finally, Quantbot Technologies LP lifted its stake in shares of Navitas Semiconductor by 3.5% during the 3rd quarter. Quantbot Technologies LP now owns 141,264 shares of the company’s stock valued at $982,000 after buying an additional 4,735 shares in the last quarter. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.