Navitas Semiconductor (NASDAQ:NVTS) Rating Lowered to “Sell” at Wall Street Zen

Navitas Semiconductor (NASDAQ:NVTS) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other analysts also recently commented on NVTS. Rosenblatt Securities reissued a “neutral” rating and set a $13.00 price objective on shares of Navitas Semiconductor in a research report on Tuesday, September 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. 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. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price target on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Finally, Jefferies Financial Group set a $13.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $15.92.

Navitas Semiconductor Stock Performance

Shares of NASDAQ:NVTS opened at $12.40 on Friday. The stock has a fifty day simple moving average of $12.04 and a two-hundred day simple moving average of $15.14. Navitas Semiconductor has a 12-month low of $6.85 and a 12-month high of $34.17. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of -9.32 and a beta of 3.96.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, July 27th. The company reported ($0.04) EPS for the quarter, hitting analysts’ consensus estimates of ($0.04). Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%.The firm had revenue of $10.53 million for the quarter, compared to analysts’ expectations of $9.97 million. During the same period in the prior year, the firm posted ($0.25) earnings per share. The company’s quarterly revenue was down 27.3% on a year-over-year basis. As a group, equities research analysts predict that Navitas Semiconductor will post -0.31 EPS for the current year.

Institutional Trading of Navitas Semiconductor

A number of institutional investors have recently made changes to their positions in NVTS. Legal & General Group Plc purchased a new position in shares of Navitas Semiconductor during the second quarter valued at approximately $2,782,000. Jupiter Topco LLC purchased a new stake in Navitas Semiconductor in the second quarter worth approximately $1,649,000. Tidal Investments LLC boosted its holdings in 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 bought a new stake in Navitas Semiconductor in the 2nd quarter worth approximately $16,757,000. Finally, Bank of New York Mellon Corp grew its position in Navitas Semiconductor by 21.8% in the 1st quarter. Bank of New York Mellon Corp now owns 566,465 shares of the company’s stock worth $4,968,000 after purchasing an additional 101,389 shares during the period. Hedge funds and other institutional investors own 46.14% of the company’s stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.