Navitas Semiconductor (NASDAQ:NVTS) Raised to Buy at Craig Hallum

Navitas Semiconductor (NASDAQ:NVTS) was upgraded by investment analysts at Craig Hallum from a “hold” rating to a “buy” rating in a report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $13.00 target price on the stock. Craig Hallum‘s price objective would indicate a potential upside of 51.87% from the stock’s current price.

A number of other equities research analysts have also weighed in on the company. Rosenblatt Securities raised Navitas Semiconductor from a “neutral” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Needham & Company LLC reiterated a “buy” rating and issued a $21.00 price target on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a research note on Tuesday, July 28th. Finally, Morgan Stanley reissued an “underweight” rating and set a $12.60 target price on shares of Navitas Semiconductor in a 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 company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.43.

Navitas Semiconductor Stock Up 7.9%

NVTS opened at $8.56 on Wednesday. Navitas Semiconductor has a 52 week low of $6.85 and a 52 week high of $34.17. The firm has a 50-day simple moving average of $10.73 and a two-hundred day simple moving average of $13.23. The company has a market capitalization of $2.23 billion, a PE ratio of -6.44 and a beta of 4.04.

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

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors have recently bought and sold shares of NVTS. Rakuten Securities Inc. purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter valued at approximately $27,000. Beaird Harris Wealth Management LLC lifted its holdings 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 last quarter. Root Financial Partners LLC purchased a new position in shares of Navitas Semiconductor during the 3rd quarter worth approximately $27,000. Global Retirement Partners LLC purchased a new position in shares of Navitas Semiconductor during the 2nd quarter worth approximately $66,000. Finally, Compass Financial Management LLC purchased a new position in shares of Navitas Semiconductor during the 2nd quarter worth approximately $71,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

Key Stories 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

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.