Navitas Semiconductor (NASDAQ:NVTS) Issues Quarterly Earnings Results, Meets Expectations

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

Navitas Semiconductor Stock Performance

Shares of NVTS remained flat at $2.30 during mid-day trading on Thursday. 1,101,214 shares of the stock traded hands, compared to its average volume of 2,664,257. 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 12 month low of $2.14 and a 12 month high of $8.44. The stock has a 50 day moving average of $2.49 and a 200-day moving average of $3.43.

Insiders Place Their Bets

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 transaction of $103,290.00. Following the sale, the director now directly owns 867,848 shares of the company’s stock, valued at approximately $2,716,364.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Navitas Semiconductor news, COO Daniel M. Kinzer sold 150,000 shares of the company’s stock in a transaction 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 sale, the chief operating officer now directly owns 4,388,353 shares in the company, valued at $13,603,894.30. 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 the SEC website. Also, Director David Moxam sold 33,000 shares of Navitas Semiconductor stock in a transaction on 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 owns 867,848 shares in the company, valued at approximately $2,716,364.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,852 shares of company stock worth $2,528,252 in the last 90 days. Company insiders own 31.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NVTS. Craig Hallum reduced 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 note on Tuesday. Needham & Company LLC reduced their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Robert W. Baird reduced their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $7.50 price objective on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Finally, Morgan Stanley cut their price objective on Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company 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.