Navitas Semiconductor (NASDAQ:NVTS) Shares Down 6.4% – Here’s What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price traded down 6.4% during mid-day trading on Tuesday . The stock traded as low as $3.97 and last traded at $3.98. 3,676,177 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 5,974,570 shares. The stock had previously closed at $4.25.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Craig Hallum reduced their target price on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Robert W. Baird lowered their price target on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.75.

Navitas Semiconductor Stock Performance

The stock has a market cap of $640.71 million, a PE ratio of -8.17 and a beta of 2.23. The company’s 50-day moving average price is $3.03 and its 200 day moving average price is $3.09.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the firm earned ($0.10) earnings per share. On average, sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Richard J. Hendrix sold 80,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.04, for a total value of $323,200.00. Following the sale, the director now owns 356,709 shares in the company, valued at approximately $1,441,104.36. The trade was a 18.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 31.80% of the company’s stock.

Institutional Trading of Navitas Semiconductor

Large investors have recently made changes to their positions in the business. DRW Securities LLC purchased a new position in Navitas Semiconductor during the second quarter worth $46,000. Wedbush Securities Inc. purchased a new position in shares of Navitas Semiconductor during the 2nd quarter worth about $49,000. Algert Global LLC bought a new position in Navitas Semiconductor during the 2nd quarter valued at about $50,000. Benjamin Edwards Inc. purchased a new stake in Navitas Semiconductor in the 3rd quarter worth about $36,000. Finally, Bleakley Financial Group LLC bought a new stake in Navitas Semiconductor in the third quarter worth about $41,000. 46.14% of the stock is currently owned by institutional investors.

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.