Navitas Semiconductor (NASDAQ:NVTS) Trading Down 3.4% – What’s Next?

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price fell 3.4% during mid-day trading on Friday . The stock traded as low as $3.91 and last traded at $3.98. 1,193,745 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 3,313,440 shares. The stock had previously closed at $4.12.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NVTS. Rosenblatt Securities reaffirmed a “buy” rating and set a $7.50 price objective on shares of Navitas Semiconductor in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Craig Hallum decreased their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Robert W. Baird dropped their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Three 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Price Performance

The stock has a market capitalization of $752.79 million, a P/E ratio of -9.60 and a beta of 2.37. The company’s 50 day simple moving average is $2.85 and its two-hundred day simple moving average is $3.13.

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

Insider Buying and Selling

In related news, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 356,709 shares of the company’s stock, valued at $1,441,104.36. This trade represents a 18.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 31.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Rice Hall James & Associates LLC acquired a new position in shares of Navitas Semiconductor during the second quarter valued at $2,151,000. Point72 Asset Management L.P. raised its holdings in Navitas Semiconductor by 2,656.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock worth $16,834,000 after purchasing an additional 4,127,940 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Navitas Semiconductor during the 2nd quarter valued at about $2,364,000. State Street Corp boosted its stake in shares of Navitas Semiconductor by 4.0% in the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after purchasing an additional 221,575 shares during the last quarter. Finally, Mirabella Financial Services LLP acquired a new stake in shares of Navitas Semiconductor during the 3rd quarter worth approximately $943,000. 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.