Navitas Semiconductor (NASDAQ:NVTS) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Navitas Semiconductor (NASDAQ:NVTS) posted its quarterly earnings results on Monday. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01), Briefing.com reports. The firm had revenue of $20.50 million for the quarter, compared to analyst estimates of $20.01 million. Navitas Semiconductor had a negative return on equity of 21.22% and a negative net margin of 97.75%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the company posted ($0.12) earnings per share.

Navitas Semiconductor Trading Down 0.6 %

Shares of NASDAQ:NVTS traded down $0.02 during midday trading on Wednesday, reaching $3.19. The company had a trading volume of 4,075,145 shares, compared to its average volume of 2,733,271. The stock has a market cap of $584.09 million, a P/E ratio of -6.29 and a beta of 2.42. The company’s 50 day moving average price is $4.12 and its 200 day moving average price is $4.67. Navitas Semiconductor has a 52-week low of $2.94 and a 52-week high of $10.10.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Morgan Stanley cut their target price on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday. Robert W. Baird dropped their price target on shares of Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Jefferies Financial Group reissued a “hold” rating and issued a $4.00 price objective (down from $10.00) on shares of Navitas Semiconductor in a research note on Monday, May 13th. Finally, Needham & Company LLC decreased their price target on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.50.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director Dipender Saluja sold 87,059 shares of Navitas Semiconductor stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $4.45, for a total value of $387,412.55. Following the sale, the director now owns 5,944,420 shares of the company’s stock, valued at $26,452,669. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 31.80% of the stock is owned by company insiders.

About Navitas Semiconductor

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.