Navitas Semiconductor (NASDAQ:NVTS) Announces Earnings Results

Navitas Semiconductor (NASDAQ:NVTS) posted its earnings results on Monday. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06), RTT News reports. The firm had revenue of $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.51%. Navitas Semiconductor’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.10) EPS. Navitas Semiconductor updated its Q4 2024 guidance to EPS.

Navitas Semiconductor Stock Down 2.5 %

Shares of NASDAQ NVTS traded down $0.06 during mid-day trading on Wednesday, hitting $2.30. 3,665,457 shares of the company traded hands, compared to its average volume of 2,141,233. The business has a 50 day moving average of $2.49 and a two-hundred day moving average of $3.43. The stock has a market capitalization of $421.13 million, a price-to-earnings ratio of -5.48 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 Buying and Selling

In other Navitas Semiconductor news, Director David Moxam sold 33,000 shares of the firm’s 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 transaction, the director now directly owns 867,848 shares in the company, valued at $2,716,364.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director David Moxam sold 33,000 shares of the 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 sale, the director now owns 867,848 shares in the company, valued at $2,716,364.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Daniel M. Kinzer sold 150,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $3.10, for a total value of $465,000.00. Following the transaction, the chief operating officer now directly owns 4,388,353 shares in the company, valued at $13,603,894.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 829,852 shares of company stock valued at $2,528,252. 31.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NVTS has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Craig Hallum dropped their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday. Robert W. Baird cut their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.