Navitas Semiconductor (NASDAQ:NVTS) Announces Quarterly Earnings Results

Navitas Semiconductor (NASDAQ:NVTS) released 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 quarter in the prior year, the company posted ($0.10) EPS. The firm’s revenue was down 1.4% on a year-over-year basis. Navitas Semiconductor updated its Q4 2024 guidance to EPS.

Navitas Semiconductor Price Performance

NASDAQ:NVTS remained flat at $2.30 during mid-day trading on Thursday. 1,101,214 shares of the company traded hands, compared to its average volume of 2,664,257. The firm has a market cap of $421.13 million, a P/E ratio of -5.48 and a beta of 2.36. Navitas Semiconductor has a 52-week low of $2.14 and a 52-week high of $8.44. The company has a fifty day simple moving average of $2.49 and a two-hundred day simple moving average of $3.43.

Insider Activity

In related news, CEO Eugene Sheridan sold 453,190 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 2,608,441 shares in the company, valued at $7,903,576.23. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director David Moxam sold 33,000 shares of the stock in a transaction that occurred 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 in the company, valued at $2,716,364.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eugene Sheridan sold 453,190 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was 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 approximately $7,903,576.23. This represents a 0.00 % decrease in their position. 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. Company insiders own 31.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on NVTS shares. Needham & Company LLC dropped their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Robert W. Baird cut their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price target on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday. Craig Hallum lowered their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Morgan Stanley cut their price objective on shares of 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 a consensus rating of “Moderate Buy” and an average 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.