Navitas Semiconductor Corporation (NASDAQ:NVTS) reported mixed results for the second quarter on Monday.
Navitas Semiconductor reported a quarterly loss of 7 cents per share which missed the analyst consensus estimate for a loss of 6 cents per share. The company reported quarterly sales of $20.468 million which beat the analyst consensus estimate of $20.013 million, according to data from Benzinga Pro.
"We are pleased with our Q2 results at the high end of our guidance, major new design wins, and significant technology advances and launches," said Gene Sheridan, CEO and co-founder. "Our leading- edge technology is fueling robust customer pipeline growth in each end market, led by AI data centers with multiple customers ramping production with our GaN and SiC-based power systems."
Navitas Semiconductor said it sees third-quarter net revenues of $21.5 million to $22.5 million, versus market estimates of $23.36 million.
Navitas Semiconductor shares fell 6.2% to close at $3.05 on Monday.
These analysts made changes to their price targets on Navitas Semiconductor following earnings announcement.
- Rosenblatt analyst Kevin Cassidy maintained Navitas Semiconductor with a Buy rating, while cutting the price target from $10 to $7.5.
- Needham analyst Quinn Bolton maintained Navitas Semiconductor with a Buy rating, while lowering the price target from $7 to $5.
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