Navitas Semiconductor (NASDAQ:NVTS) Posts Earnings Results, Beats Estimates By $0.01 EPS

Navitas Semiconductor (NASDAQ:NVTS) issued its quarterly earnings results on Tuesday. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01, FiscalAI reports. The company 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 856.85% and a negative return on equity of 13.13%.

Navitas Semiconductor Trading Up 7.9%

Shares of NVTS stock traded up $0.63 during trading on Tuesday, reaching $8.56. 19,003,286 shares of the company’s stock traded hands, compared to its average volume of 22,683,770. The company has a market capitalization of $2.23 billion, a P/E ratio of -6.44 and a beta of 3.96. The firm’s 50-day moving average is $10.80 and its 200 day moving average is $13.24. Navitas Semiconductor has a 1 year low of $6.85 and a 1 year high of $34.17.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Morgan Stanley reiterated an “underweight” rating and issued a $12.60 target price on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Rosenblatt Securities restated a “neutral” rating and set a $13.00 price target on shares of Navitas Semiconductor in a research note on Tuesday, September 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Wall Street Zen downgraded Navitas Semiconductor from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Finally, Jefferies Financial Group set a $13.00 price objective on Navitas Semiconductor in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $15.92.

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.