Navitas Semiconductor (NASDAQ:NVTS) Issues Earnings Results

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

Navitas Semiconductor Stock Down 11.5 %

NVTS stock traded down $0.30 during midday trading on Tuesday, reaching $2.31. The company had a trading volume of 2,661,011 shares, compared to its average volume of 2,651,016. The firm has a market capitalization of $422.96 million, a PE ratio of -8.46 and a beta of 2.36. The stock has a 50 day moving average price of $2.52 and a 200 day moving average price of $3.45. Navitas Semiconductor has a fifty-two week low of $2.14 and a fifty-two week high of $8.44.

Wall Street Analysts Forecast Growth

NVTS has been the subject of several research analyst reports. Robert W. Baird reduced their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday. Craig Hallum dropped their target price on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research report on Tuesday. Rosenblatt Securities restated a “buy” rating and issued a $7.50 target price on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lowered their price objective on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Morgan Stanley reduced their target price 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. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.75.

Insider Transactions at Navitas Semiconductor

In related news, COO Daniel M. Kinzer sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $3.10, for a total transaction of $465,000.00. Following the completion of the transaction, the chief operating officer now owns 4,388,353 shares in the company, valued at $13,603,894.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, COO Daniel M. Kinzer sold 150,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $3.10, for a total value of $465,000.00. Following the sale, the chief operating officer now owns 4,388,353 shares of the company’s stock, valued at $13,603,894.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eugene Sheridan sold 453,190 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $3.03, for a total transaction of $1,373,165.70. Following the transaction, the chief executive officer now directly owns 2,608,441 shares of the company’s stock, valued at $7,903,576.23. 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 ninety days, insiders have sold 829,852 shares of company stock worth $2,528,252. 31.80% of the stock is currently owned by company insiders.

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.