Navitas Semiconductor (NASDAQ:NVTS) Releases Quarterly Earnings Results, Meets Estimates

Navitas Semiconductor (NASDAQ:NVTS) released its quarterly earnings results on Monday. The company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06), RTT News reports. The business had revenue of $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. Navitas Semiconductor had a negative net margin of 55.70% and a negative return on equity of 22.29%. Navitas Semiconductor’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.10) EPS. Navitas Semiconductor updated its Q4 2024 guidance to EPS.

Navitas Semiconductor Trading Down 9.6 %

NVTS opened at $2.36 on Wednesday. The business has a 50 day moving average of $2.51 and a 200-day moving average of $3.44. The stock has a market capitalization of $432.12 million, a price-to-earnings ratio of -8.43 and a beta of 2.36. Navitas Semiconductor has a 1-year low of $2.14 and a 1-year high of $8.44.

Insider Activity at Navitas Semiconductor

In related news, Director David Moxam sold 33,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $3.13, for a total value of $103,290.00. Following the completion of the sale, the director now owns 867,848 shares in the company, valued at approximately $2,716,364.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David Moxam sold 33,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $3.13, for a total value of $103,290.00. Following the completion of the transaction, the director now directly owns 867,848 shares in the company, valued at approximately $2,716,364.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eugene Sheridan sold 453,190 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $3.03, for a total value of $1,373,165.70. Following the completion of the transaction, the chief executive officer now directly owns 2,608,441 shares of the company’s stock, valued at approximately $7,903,576.23. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 829,852 shares of company stock worth $2,528,252 in the last ninety days. 31.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on NVTS shares. Robert W. Baird cut their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday. Morgan Stanley cut their price objective on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reduced their target price on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Rosenblatt Securities reiterated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.75.

About Navitas Semiconductor

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company’s products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.