Navitas Semiconductor (NASDAQ:NVTS) Stock Price Target Cut by Needham & Company LLC

Navitas Semiconductor (NASDAQ:NVTS) had its price target dropped by stock analysts at Needham & Company LLC from $21.00 to $15.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC‘s target price suggests a potential upside of 75.23% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Monday, September 14th. Jefferies Financial Group set a $13.00 price target on Navitas Semiconductor in a report on Tuesday, July 28th. Rosenblatt Securities raised Navitas Semiconductor from a “neutral” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Wednesday. Wall Street Zen cut Navitas Semiconductor from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Finally, Craig Hallum raised shares of Navitas Semiconductor from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Wednesday. Four investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $14.43.

Navitas Semiconductor Stock Performance

Shares of Navitas Semiconductor stock opened at $8.56 on Wednesday. The firm’s 50-day simple moving average is $10.73 and its 200-day simple moving average is $13.23. Navitas Semiconductor has a 1 year low of $6.85 and a 1 year high of $34.17.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NVTS. Rakuten Securities Inc. acquired a new position in Navitas Semiconductor during the 2nd quarter valued at about $27,000. Beaird Harris Wealth Management LLC lifted its stake in shares of Navitas Semiconductor by 247.8% in the 2nd quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company’s stock worth $31,000 after acquiring an additional 1,239 shares during the period. Root Financial Partners LLC acquired a new stake in shares of Navitas Semiconductor in the 3rd quarter worth approximately $27,000. Global Retirement Partners LLC bought a new position in shares of Navitas Semiconductor in the second quarter valued at approximately $66,000. Finally, Compass Financial Management LLC bought a new position in shares of Navitas Semiconductor in the second quarter valued at approximately $71,000. 46.14% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Navitas Semiconductor

Here are the key news stories impacting Navitas Semiconductor this week:

• Positive Sentiment: Navitas reported a third-quarter loss of $0.03 per share, narrower than analysts’ expected $0.04 loss and the $0.05 loss a year earlier. Revenue of $13.99 million topped the $13.42 million consensus and rose 38% year over year. Zacks earnings article
• Positive Sentiment: Management expects another quarter of double-digit sequential revenue growth in Q4, which would make it the company’s highest quarterly revenue in seven quarters. Gross margins also continued to expand. Third-quarter results and outlook
• Positive Sentiment: AI data centers and grid and energy infrastructure are driving growth and backlog. Navitas expects these markets to exceed 40% of sales by year-end; high-power-market revenue is projected to grow 125% for the year, supporting the company’s pivot toward these markets. Third-quarter results and outlook
• Neutral Sentiment: Despite the improving results, Navitas remains loss-making. Its Q4 outlook implies full-year revenue growth of about 7%, as gains in high-power markets are partly offset by its exit from mobile and low-end consumer business. Third-quarter results and outlook

Navitas Semiconductor Company Profile

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.