Navitas Semiconductor (NASDAQ:NVTS) Upgraded at Craig Hallum

Craig Hallum upgraded shares of Navitas Semiconductor (NASDAQ:NVTS) from a hold rating to a buy rating in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have $13.00 price target on the stock.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 price target on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Morgan Stanley reissued an “underweight” rating and set a $12.60 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Rosenblatt Securities upgraded shares of Navitas Semiconductor from a “neutral” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Wednesday. Finally, Jefferies Financial Group set a $13.00 price objective on Navitas Semiconductor in a research report on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $14.43.

Navitas Semiconductor Stock Performance

Shares of NVTS stock opened at $8.61 on Wednesday. The stock has a market cap of $2.25 billion, a PE ratio of -6.24 and a beta of 4.04. The stock has a fifty day moving average price of $10.49 and a 200 day moving average price of $13.21. Navitas Semiconductor has a 1 year low of $6.85 and a 1 year high of $34.17.

Navitas Semiconductor (NASDAQ:NVTS) last posted its earnings results on Tuesday, November 3rd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $13.99 million during the quarter, compared to the consensus estimate of $13.42 million. Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%. The company’s revenue was up 38.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) earnings per share. As a group, equities research analysts predict that Navitas Semiconductor will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter valued at about $290,970,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Navitas Semiconductor during the second quarter worth about $75,701,000. Tidal Investments LLC raised its stake in shares of Navitas Semiconductor by 161.2% in the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock worth $20,289,000 after purchasing an additional 698,683 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Navitas Semiconductor in the second quarter valued at $16,757,000. Finally, Bank of New York Mellon Corp purchased a new position in Navitas Semiconductor in the 2nd quarter worth $9,116,000. 46.14% of the stock is currently owned by institutional investors.

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.