Navitas Semiconductor (NASDAQ:NVTS) Releases Earnings Results, Hits Estimates

Navitas Semiconductor (NASDAQ:NVTS) announced its earnings results on Monday. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate 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 firm had revenue of $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. During the same quarter last year, the firm posted ($0.10) EPS. The business’s quarterly revenue was down 1.4% on a year-over-year basis. Navitas Semiconductor updated its Q4 2024 guidance to EPS.

Navitas Semiconductor Price Performance

Shares of NVTS traded down $0.31 during trading hours on Tuesday, hitting $2.30. The stock had a trading volume of 2,946,092 shares, compared to its average volume of 2,652,348. Navitas Semiconductor has a 52 week low of $2.14 and a 52 week high of $8.44. The stock has a market capitalization of $421.13 million, a price-to-earnings ratio of -8.46 and a beta of 2.36. The company’s fifty day moving average is $2.52 and its two-hundred day moving average is $3.45.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NVTS shares. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Robert W. Baird lowered their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Tuesday. Needham & Company LLC reduced their target price on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, Craig Hallum lowered their price target on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.75.

Insider Buying and Selling at Navitas Semiconductor

In other news, CEO Eugene Sheridan sold 193,662 shares of Navitas Semiconductor stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $3.03, for a total value of $586,795.86. Following the completion of the transaction, the chief executive officer now owns 2,149,631 shares in the company, valued at approximately $6,513,381.93. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Eugene Sheridan sold 193,662 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $3.03, for a total transaction of $586,795.86. Following the sale, the chief executive officer now owns 2,149,631 shares in the company, valued at approximately $6,513,381.93. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Moxam sold 33,000 shares of Navitas Semiconductor 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 of the company’s stock, valued at $2,716,364.24. This represents a 0.00 % decrease in their ownership of the stock. 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 over the last ninety days. Corporate insiders own 31.80% of the company’s stock.

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.