Navitas Semiconductor (NASDAQ:NVTS) Stock Rating Raised to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Navitas Semiconductor (NASDAQ:NVTS) from a sell rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

Other research analysts have also recently issued reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Craig Hallum raised Navitas Semiconductor from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Wednesday. Morgan Stanley reiterated an “underweight” rating and set a $12.60 target price 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 research report on Tuesday, July 28th. Finally, Rosenblatt Securities raised Navitas Semiconductor from a “neutral” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Wednesday. Four investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $14.43.

Navitas Semiconductor Stock Performance

Shares of Navitas Semiconductor stock opened at $8.61 on Friday. The company has a market cap of $2.25 billion, a P/E ratio of -6.24 and a beta of 4.04. Navitas Semiconductor has a one year low of $6.85 and a one year high of $34.17. The firm has a fifty day moving average of $10.49 and a two-hundred day moving average of $13.21.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Tuesday, November 3rd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $13.99 million for the quarter, compared to the consensus estimate of $13.42 million. Navitas Semiconductor had a negative net margin of 818.84% and a negative return on equity of 11.84%. The business’s quarterly revenue was up 38.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. As a group, equities analysts predict that Navitas Semiconductor will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP boosted its stake in shares of Navitas Semiconductor by 75.3% during the 3rd quarter. Allworth Financial LP now owns 12,110 shares of the company’s stock worth $141,000 after acquiring an additional 5,203 shares in the last quarter. Almanack Investment Partners LLC. grew its holdings in shares of Navitas Semiconductor by 38.0% in the 3rd quarter. Almanack Investment Partners LLC. now owns 45,250 shares of the company’s stock worth $525,000 after acquiring an additional 12,450 shares during the period. 180 Wealth Advisors LLC increased its stake in Navitas Semiconductor by 3.5% in the 3rd quarter. 180 Wealth Advisors LLC now owns 127,626 shares of the company’s stock valued at $1,482,000 after purchasing an additional 4,294 shares in the last quarter. StoneX Group Inc. purchased a new position in Navitas Semiconductor in the 3rd quarter valued at approximately $131,000. Finally, CenterBook Partners LP purchased a new position in Navitas Semiconductor in the 3rd quarter valued at approximately $312,000. 46.14% of the stock is owned by institutional investors and hedge funds.

About Navitas Semiconductor

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.