Navitas Semiconductor (NASDAQ:NVTS) Announces Earnings Results

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

Navitas Semiconductor Price Performance

NVTS stock traded down $0.30 on Tuesday, hitting $2.31. 2,661,011 shares of the company were exchanged, compared to its average volume of 2,651,016. The stock has a market capitalization of $422.96 million, a price-to-earnings ratio of -8.46 and a beta of 2.36. The business’s fifty day moving average is $2.52 and its two-hundred day moving average is $3.45. Navitas Semiconductor has a twelve month low of $2.14 and a twelve month high of $8.44.

Insider Buying and Selling

In other Navitas Semiconductor news, CEO Eugene Sheridan sold 453,190 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $3.03, for a total transaction of $1,373,165.70. Following the completion of the sale, the chief executive officer now owns 2,608,441 shares of the company’s stock, valued at approximately $7,903,576.23. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal 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 shares were sold at an average price of $3.13, for a total transaction of $103,290.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eugene Sheridan sold 453,190 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were 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 in the company, valued at $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. In the last ninety days, insiders have sold 829,852 shares of company stock valued at $2,528,252. 31.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on NVTS shares. Craig Hallum cut their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday. Morgan Stanley dropped their price objective 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. Deutsche Bank Aktiengesellschaft decreased their target price on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday. Needham & Company LLC reduced their price objective on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, Robert W. Baird cut their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.75.

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.