Navitas Semiconductor (NASDAQ:NVTS) Reaches New 12-Month Low at $3.46

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.46 and last traded at $3.49, with a volume of 1148624 shares traded. The stock had previously closed at $3.71.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $10.00 price target on shares of Navitas Semiconductor in a research report on Friday, June 7th. Needham & Company LLC dropped their price objective on Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating for the company in a report on Friday, May 10th. Robert W. Baird reduced their target price on Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $4.00 price target (down previously from $10.00) on shares of Navitas Semiconductor in a research note on Monday, May 13th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Navitas Semiconductor from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.41.

Navitas Semiconductor Stock Down 9.2 %

The firm has a 50 day moving average of $4.16 and a two-hundred day moving average of $4.77. The firm has a market capitalization of $617.05 million, a price-to-earnings ratio of -6.57 and a beta of 2.42.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). The company had revenue of $23.18 million during the quarter, compared to analyst estimates of $23.15 million. Navitas Semiconductor had a negative net margin of 97.75% and a negative return on equity of 21.22%. Sell-side analysts forecast that Navitas Semiconductor Co. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dipender Saluja sold 87,059 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $4.45, for a total value of $387,412.55. Following the completion of the transaction, the director now directly owns 5,944,420 shares in the company, valued at approximately $26,452,669. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors and hedge funds have recently bought and sold shares of NVTS. ProShare Advisors LLC boosted its stake in shares of Navitas Semiconductor by 12.5% during the first quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock valued at $97,000 after purchasing an additional 2,258 shares in the last quarter. Laidlaw Wealth Management LLC boosted its position in Navitas Semiconductor by 16.7% during the 4th quarter. Laidlaw Wealth Management LLC now owns 18,316 shares of the company’s stock worth $148,000 after buying an additional 2,618 shares during the period. Victory Capital Management Inc. grew its holdings in Navitas Semiconductor by 23.9% during the 4th quarter. Victory Capital Management Inc. now owns 15,842 shares of the company’s stock worth $128,000 after acquiring an additional 3,052 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Navitas Semiconductor by 5.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock valued at $306,000 after acquiring an additional 4,000 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in Navitas Semiconductor by 16.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,646 shares of the company’s stock valued at $151,000 after acquiring an additional 4,533 shares during the period. Institutional investors and hedge funds own 46.14% of the company’s stock.

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.