Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS – Get Free Report) were up 10.4% during mid-day trading on Tuesday. The company traded as high as $9.23 and last traded at $9.2730. Approximately 6,377,119 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 22,880,588 shares. The stock had previously closed at $8.40.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on the company. Morgan Stanley reiterated an “underweight” rating and set a $12.60 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a report on Tuesday, July 28th. Rosenblatt Securities restated a “neutral” rating and issued a $13.00 target price on shares of Navitas Semiconductor in a report on Tuesday, September 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Navitas Semiconductor presently has an average rating of “Hold” and an average price target of $15.92.
Get Our Latest Analysis on Navitas Semiconductor
Navitas Semiconductor Price Performance
The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -6.76 and a beta of 3.96. The business has a fifty day moving average of $11.06 and a 200 day moving average of $13.26.
Navitas Semiconductor (NASDAQ:NVTS – Get Free Report) last posted its earnings results on Monday, July 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). The company 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 firm’s quarterly revenue was down 27.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.25) earnings per share. On average, equities research analysts expect that Navitas Semiconductor Corporation will post -0.31 EPS for the current year.
Institutional Investors Weigh In On Navitas Semiconductor
Several institutional investors and hedge funds have recently modified their holdings of NVTS. BlackRock Inc. acquired a new position in shares of Navitas Semiconductor in the second quarter worth $290,970,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Navitas Semiconductor during the second quarter worth $75,701,000. Tidal Investments LLC increased 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 acquiring 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. Hedge funds and other institutional investors own 46.14% of the company’s stock.
Navitas Semiconductor Company Profile
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.
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