Navitas Semiconductor (NASDAQ:NVTS) Issues Quarterly Earnings Results

Navitas Semiconductor (NASDAQ:NVTS) released its earnings results on Monday. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02), Zacks reports. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%.

Navitas Semiconductor Stock Down 8.8 %

Shares of NVTS stock traded down $0.28 during mid-day trading on Monday, reaching $2.89. 5,496,082 shares of the company’s stock traded hands, compared to its average volume of 4,118,460. The company’s 50-day moving average price is $3.33 and its 200-day moving average price is $2.89. The company has a market cap of $539.84 million, a P/E ratio of -6.88 and a beta of 2.20. Navitas Semiconductor has a 12 month low of $1.75 and a 12 month high of $7.40.

Analyst Ratings Changes

NVTS has been the topic of a number of analyst reports. Craig Hallum lowered their target price on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Robert W. Baird lowered their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Rosenblatt Securities restated a “buy” rating and set a $5.00 price target on shares of Navitas Semiconductor in a research report on Thursday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and an average target price of $4.39.

Insider Buying and Selling

In related news, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.04, for a total transaction of $323,200.00. Following the completion of the sale, the director now owns 356,709 shares of the company’s stock, valued at $1,441,104.36. This trade represents a 18.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 31.80% of the stock is currently owned by insiders.

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.