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

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price fell 6.4% during mid-day trading on Tuesday . The company traded as low as $3.97 and last traded at $3.98. 3,676,177 shares were traded 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 Analyst Weigh In

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

Navitas Semiconductor Price Performance

The company has a 50 day moving average price of $2.99 and a 200-day moving average price of $3.09. The stock has a market capitalization of $730.37 million, a PE ratio of -9.31 and a beta of 2.23.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $21.68 million during the quarter, compared to analyst estimates 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 revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.10) EPS. As a group, equities analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Richard J. Hendrix sold 40,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the sale, the director now directly owns 316,709 shares of the company’s stock, valued at $1,437,858.86. This represents a 11.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 31.80% of the stock is currently owned by company insiders.

Institutional Trading of Navitas Semiconductor

Hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. increased its stake in shares of Navitas Semiconductor by 2,656.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock worth $16,834,000 after acquiring an additional 4,127,940 shares in the last quarter. Masters Capital Management LLC lifted its holdings in shares of Navitas Semiconductor by 90.0% during the second quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock valued at $7,467,000 after purchasing an additional 900,000 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in shares of Navitas Semiconductor by 31.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after purchasing an additional 845,664 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Navitas Semiconductor in the 2nd quarter worth approximately $2,364,000. Finally, Rice Hall James & Associates LLC purchased a new stake in shares of Navitas Semiconductor in the 2nd quarter worth approximately $2,151,000. Institutional investors own 46.14% 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.