Navitas Semiconductor (NASDAQ:NVTS) Issues Quarterly Earnings Results

Navitas Semiconductor (NASDAQ:NVTS) released its quarterly earnings results on Monday. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Navitas Semiconductor’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.12) earnings per share.

Navitas Semiconductor Stock Down 1.2 %

NVTS traded down $0.04 during trading on Wednesday, reaching $3.17. The stock had a trading volume of 2,062,904 shares, compared to its average volume of 2,718,985. The firm has a market capitalization of $580.43 million, a price-to-earnings ratio of -6.29 and a beta of 2.42. Navitas Semiconductor has a 1-year low of $2.94 and a 1-year high of $10.10. The stock has a 50 day moving average of $4.12 and a two-hundred day moving average of $4.67.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NVTS shares. Jefferies Financial Group restated a “hold” rating and set a $4.00 price objective (down previously from $10.00) on shares of Navitas Semiconductor in a research note on Monday, May 13th. Needham & Company LLC cut their price target on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday. Rosenblatt Securities restated a “buy” rating and set a $10.00 price objective on shares of Navitas Semiconductor in a research note on Friday, August 2nd. Robert W. Baird lowered their target price on Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Finally, Craig Hallum decreased their price objective on Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating for the company in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Navitas Semiconductor has a consensus rating of “Moderate Buy” and a consensus price target of $6.50.

Insiders Place Their Bets

In other news, Director Dipender Saluja sold 87,059 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $4.45, for a total transaction of $387,412.55. Following the completion of the sale, the director now owns 5,944,420 shares in the company, valued at approximately $26,452,669. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 31.80% of the stock is currently owned by 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.