Navitas Semiconductor (NASDAQ:NVTS) Given New $3.00 Price Target at Needham & Company LLC

Navitas Semiconductor (NASDAQ:NVTS) had its price objective cut by Needham & Company LLC from $4.00 to $3.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

NVTS has been the topic of a number of other research reports. Robert W. Baird lowered their target price on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Rosenblatt Securities reissued a “buy” rating and issued a $5.00 price objective on shares of Navitas Semiconductor in a report on Thursday, March 13th. Finally, Morgan Stanley cut shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $2.10 to $1.50 in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.54.

Navitas Semiconductor Stock Down 5.0 %

Shares of NASDAQ NVTS opened at $1.90 on Tuesday. The firm’s 50-day moving average price is $2.07 and its 200-day moving average price is $2.69. Navitas Semiconductor has a 52-week low of $1.52 and a 52-week high of $5.14. The company has a market cap of $362.01 million, a PE ratio of -4.52 and a beta of 2.24.

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

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Brian Long sold 47,189 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.36, for a total value of $111,366.04. Following the completion of the sale, the director now owns 31,460 shares in the company, valued at approximately $74,245.60. This represents a 60.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Todd Glickman sold 13,644 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total value of $35,337.96. Following the completion of the transaction, the chief financial officer now owns 684,497 shares in the company, valued at $1,772,847.23. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,477 shares of company stock worth $182,042. Company insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several institutional investors have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Navitas Semiconductor during the first quarter valued at approximately $410,000. Larson Financial Group LLC bought a new position in shares of Navitas Semiconductor during the 1st quarter valued at approximately $28,000. Teacher Retirement System of Texas purchased a new position in shares of Navitas Semiconductor in the first quarter valued at $36,000. Castleview Partners LLC bought a new stake in Navitas Semiconductor in the first quarter worth $52,000. Finally, Simplicity Wealth LLC purchased a new stake in Navitas Semiconductor during the first quarter valued at $26,000. 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.