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

Navitas Semiconductor Co. (NASDAQ:NVTS) shares gapped down prior to trading on Thursday . The stock had previously closed at $3.37, but opened at $3.26. Navitas Semiconductor shares last traded at $3.26, with a volume of 511,851 shares trading hands.

Analyst Upgrades and Downgrades

NVTS has been the subject of a number of recent research reports. Rosenblatt Securities restated a “buy” rating and set a $7.50 target price on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Craig Hallum dropped their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, Robert W. Baird cut their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $4.75.

Navitas Semiconductor Trading Up 3.0 %

The company has a 50-day moving average price of $3.31 and a 200-day moving average price of $3.04.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.10) earnings per share. Equities research analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Activity at Navitas Semiconductor

In other news, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the transaction, the director now owns 356,709 shares in the company, valued at $1,441,104.36. The trade was a 18.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 31.80% of the stock is owned by corporate insiders.

Institutional Trading of Navitas Semiconductor

A number of large investors have recently bought and sold shares of NVTS. Benjamin Edwards Inc. bought a new position in Navitas Semiconductor in the third quarter valued at approximately $36,000. Bleakley Financial Group LLC acquired a new stake in shares of Navitas Semiconductor during the third quarter worth $41,000. GSA Capital Partners LLP bought a new stake in Navitas Semiconductor in the 3rd quarter valued at $44,000. Algert Global LLC acquired a new position in Navitas Semiconductor in the 2nd quarter worth $50,000. Finally, Signature Wealth Management Partners LLC bought a new position in Navitas Semiconductor during the 4th quarter worth about $51,000. 46.14% of the stock is 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.