Navitas Semiconductor (NASDAQ:NVTS) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Navitas Semiconductor (NASDAQ:NVTS) posted its quarterly earnings data on Monday. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01), Briefing.com reports. Navitas Semiconductor had a negative return on equity of 21.22% and a negative net margin of 97.75%. The business had revenue of $20.50 million during the quarter, compared to analyst estimates of $20.01 million. During the same period in the previous year, the business earned ($0.12) EPS. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year.

Navitas Semiconductor Stock Down 0.6 %

Shares of Navitas Semiconductor stock traded down $0.02 during mid-day trading on Wednesday, reaching $3.19. 4,075,145 shares of the stock traded hands, compared to its average volume of 2,733,271. The business has a 50-day moving average of $4.12 and a 200 day moving average of $4.67. The stock has a market capitalization of $584.09 million, a PE ratio of -6.29 and a beta of 2.42. Navitas Semiconductor has a fifty-two week low of $2.94 and a fifty-two week high of $10.10.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NVTS. Rosenblatt Securities restated a “buy” rating and set a $10.00 price target on shares of Navitas Semiconductor in a research note on Friday, August 2nd. Craig Hallum reduced their price objective on Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating for the company in a research note on Tuesday. Morgan Stanley cut their target price on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a report on Tuesday. Jefferies Financial Group restated a “hold” rating and issued a $4.00 price target (down previously from $10.00) on shares of Navitas Semiconductor in a research note on Monday, May 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor presently has an average rating of “Moderate Buy” and an average price target of $6.50.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, Director Dipender Saluja sold 87,059 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $4.45, for a total value of $387,412.55. Following the completion of the sale, the director now owns 5,944,420 shares in the company, valued at approximately $26,452,669. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 31.80% of the stock is currently owned by insiders.

Navitas Semiconductor Company Profile

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.