Navitas Semiconductor (NASDAQ:NVTS) Trading Down 6.3% – Here’s Why

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price fell 6.3% during trading on Wednesday . The stock traded as low as $3.36 and last traded at $3.34. 991,900 shares traded hands during trading, a decline of 79% from the average session volume of 4,778,472 shares. The stock had previously closed at $3.56.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased 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. Robert W. Baird decreased their price target on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Rosenblatt Securities reiterated a “buy” rating and set a $7.50 price objective on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Finally, Craig Hallum decreased their target price on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Navitas Semiconductor currently has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Price Performance

The stock has a 50-day moving average price of $3.24 and a 200-day moving average price of $3.04. The company has a market capitalization of $644.46 million, a price-to-earnings ratio of -8.21 and a beta of 2.23.

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

Insider Activity

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction on 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. This trade represents a 18.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 31.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Benjamin Edwards Inc. acquired a new stake in Navitas Semiconductor during the third quarter worth about $36,000. Bleakley Financial Group LLC bought a new stake in shares of Navitas Semiconductor during the 3rd quarter worth approximately $41,000. GSA Capital Partners LLP acquired a new stake in shares of Navitas Semiconductor during the 3rd quarter worth approximately $44,000. Algert Global LLC bought a new position in Navitas Semiconductor in the second quarter valued at approximately $50,000. Finally, Signature Wealth Management Partners LLC acquired a new position in Navitas Semiconductor during the fourth quarter valued at approximately $51,000. Institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Company Profile

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.