Rosenblatt Securities Reaffirms Neutral Rating for Navitas Semiconductor (NASDAQ:NVTS)

Navitas Semiconductor (NASDAQ:NVTS)‘s stock had its “neutral” rating reissued by analysts at Rosenblatt Securities in a report issued on Tuesday, Benzinga reports. They presently have a $13.00 price target on the stock. Rosenblatt Securities’ price objective points to a potential upside of 10.47% from the company’s previous close.

NVTS has been the topic of several other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Monday, September 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Morgan Stanley reissued an “underweight” rating and set a $12.60 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Finally, Jefferies Financial Group set a $13.00 price target on Navitas Semiconductor in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.92.

Navitas Semiconductor Stock Up 0.3%

NASDAQ:NVTS traded up $0.04 during mid-day trading on Tuesday, reaching $11.77. 21,040,220 shares of the stock were exchanged, compared to its average volume of 23,595,057. The stock has a market capitalization of $3.07 billion, a P/E ratio of -8.84 and a beta of 3.88. Navitas Semiconductor has a 1 year low of $6.83 and a 1 year high of $34.17. The company has a 50 day simple moving average of $12.06 and a 200-day simple moving average of $15.10.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Monday, July 27th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $10.53 million during the quarter, compared to the consensus estimate of $9.97 million. Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%.The company’s revenue was down 27.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.25) earnings per share. As a group, research analysts predict that Navitas Semiconductor will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Tidal Investments LLC lifted its position in Navitas Semiconductor by 161.2% in the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock valued at $20,289,000 after purchasing an additional 698,683 shares during the period. Engineers Gate Manager LP increased its position in Navitas Semiconductor by 180.5% during the 2nd quarter. Engineers Gate Manager LP now owns 117,293 shares of the company’s stock worth $2,102,000 after purchasing an additional 75,478 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Navitas Semiconductor during the 2nd quarter worth approximately $121,000. Arizona State Retirement System lifted its holdings in shares of Navitas Semiconductor by 22.4% in the 2nd quarter. Arizona State Retirement System now owns 57,314 shares of the company’s stock valued at $1,027,000 after buying an additional 10,486 shares during the period. Finally, Nykredit A S acquired a new stake in shares of Navitas Semiconductor in the 2nd quarter valued at approximately $130,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

More Navitas Semiconductor News

Here are the key news stories impacting Navitas Semiconductor this week:

• Positive Sentiment: Navitas was selected for the U.S. Army’s ALATTIS (Accelerated, Large-Area, 10 kV SiC IGBT) program, under which it will develop advanced 10 kV SiC power semiconductor technology. The award strengthens Navitas’ credibility in high-voltage power devices and could create longer-term opportunities in defense and other demanding power applications. U.S. Government Selects Navitas to Develop Next-Generation 10 kV SiC Power Semiconductors
• Positive Sentiment: Investors appear to view the Army selection as a meaningful validation of Navitas’ SiC technology, with reports highlighting a sharp after-hours reaction and continued interest in the stock. The announcement may improve sentiment despite the company’s still-unprofitable operations and declining year-over-year revenue. Navitas Stock Extends Gains After Army Selects It for SiC Power Chip Development
• Neutral Sentiment: Rosenblatt Securities reaffirmed its Neutral rating and set a $13.00 price target, implying roughly 9.7% upside from the recently cited $11.85 share price. The target suggests some additional potential, but the unchanged rating indicates analysts are not yet convinced that the government program materially changes Navitas’ risk-reward profile.

About Navitas Semiconductor

Navitas Semiconductor Corporation (NASDAQ: NVTS) develops gallium nitride (GaN) and silicon carbide (SiC) power semiconductor technologies. Its products are designed to improve the efficiency, power density and size of power-conversion systems used in electronic devices and infrastructure.

The company offers GaN power integrated circuits, including its GaNFast product family, as well as SiC devices and related technologies marketed under the GeneSiC brand. Its products are used in applications such as mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, appliances, industrial equipment and other high-power systems.

Founded in 2014, Navitas is headquartered in Torrance, California, and serves customers and markets internationally.