Point72 has been steadily increasing its stake in Navitas Semiconductor. Navitas is a leader in gallium nitride (GaN) power integrated circuits.
With its stock down 61% YTD, I believe Navitas is a bargain in light of its rich customer pipeline which it will start tapping into next year. Navitas' revenues appear to have bottomed out considering the seasonality of its business and design wins. Navitas' advanced technology, especially its data center offering, could help it return to its meteoric growth in the coming years.
Navitas Semiconductor Corporation NVTS reported mixed results for the second quarter on Monday.
Navitas Semiconductor Corporation (NASDAQ:NVTS ) Q2 2024 Earnings Conference Call August 5, 2024 5:00 PM ET Company Participants Stephen Oliver - VP, IR Gene Sheridan - Chairman, President, CEO and Co-Founder Janet Chou - EVP, CFO, and Treasurer Conference Call Participants Ross Seymore - Deutsche Bank Blayne Curtis - Jefferies Quinn Bolton - Needham Jack Egan - Charter Equity Research Kevin Cassidy - Rosenblatt Joseph Moore - Morgan Stanley Jon Tanwanteng - CJS Securities Richard Shannon - Craig-Hallum Operator Thank you for standing by. My name is Kat and I will be your conference operator today.
Navitas Semiconductor Corporation (NVTS) came out with a quarterly loss of $0.07 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.05 per share a year ago.
The management's comments about an expectation for moderation in growth for the second half of 2024 resulted in growing uncertainties about the recovery for the company. Likewise, guidance for 2Q24 points to softness in revenue due to lower demand in EV, solar, and industrial markets. Navitas Semiconductor's customer pipeline continues to grow across segments, growing 28% from just the December 2023 investor day.