Navitas Semiconductor (NASDAQ:NVTS) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Navitas Semiconductor (NASDAQ:NVTS) from a hold rating to a sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Other analysts also recently issued reports about the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 price objective on shares of Navitas Semiconductor in a report on Tuesday, September 29th. Morgan Stanley restated an “underweight” rating and set a $12.60 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 target price on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Monday, September 14th. Finally, Jefferies Financial Group set a $13.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.92.

Navitas Semiconductor Price Performance

Shares of Navitas Semiconductor stock opened at $12.34 on Friday. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of -9.28 and a beta of 3.96. The stock’s 50-day moving average is $12.06 and its 200-day moving average is $15.16. Navitas Semiconductor has a one year low of $6.85 and a one year high of $34.17.

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, hitting the consensus estimate of ($0.04). Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%.The company had revenue of $10.53 million during the quarter, compared to analysts’ expectations of $9.97 million. During the same period in the prior year, the firm earned ($0.25) earnings per share. Navitas Semiconductor’s revenue for the quarter was down 27.3% compared to the same quarter last year. On average, equities analysts expect that Navitas Semiconductor will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rakuten Securities Inc. acquired a new position in shares of Navitas Semiconductor in the second quarter valued at $27,000. Beaird Harris Wealth Management LLC boosted its holdings in shares of Navitas Semiconductor by 247.8% during the 2nd quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company’s stock worth $31,000 after buying an additional 1,239 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Navitas Semiconductor during the 2nd quarter worth about $66,000. Compass Financial Management LLC acquired a new position in Navitas Semiconductor in the 2nd quarter valued at about $71,000. Finally, Geneos Wealth Management Inc. grew its stake in Navitas Semiconductor by 3,200.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,125 shares of the company’s stock valued at $36,000 after buying an additional 4,000 shares during the last quarter. 46.14% of the stock is owned by institutional investors.

About Navitas Semiconductor

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.