Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 4.5% – Here’s What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS) was down 4.5% during mid-day trading on Wednesday . The company traded as low as $12.66 and last traded at $13.36. 19,104,102 shares changed hands during trading, a decline of 32% from the average daily volume of 28,231,711 shares. The stock had previously closed at $13.99.

Analysts Set New Price Targets

NVTS has been the subject of several analyst reports. Robert W. Baird upped their price objective on Navitas Semiconductor from $9.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Morgan Stanley reissued an “underweight” rating and issued a $13.70 target price on shares of Navitas Semiconductor in a report on Wednesday, May 6th. Weiss Ratings upgraded Navitas Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 17th. Wall Street Zen raised Navitas Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Needham & Company LLC increased their price target on Navitas Semiconductor from $13.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Navitas Semiconductor presently has a consensus rating of “Hold” and an average target price of $14.74.

Navitas Semiconductor Trading Down 5.0%

The stock has a fifty day simple moving average of $21.42 and a two-hundred day simple moving average of $13.81. The company has a market cap of $3.15 billion, a PE ratio of -21.38 and a beta of 3.82.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. Navitas Semiconductor had a negative return on equity of 14.30% and a negative net margin of 330.67%.The business had revenue of $8.60 million during the quarter, compared to the consensus estimate of $8.22 million. During the same period in the prior year, the business posted ($0.06) EPS. The company’s revenue for the quarter was down 38.7% on a year-over-year basis. As a group, equities research analysts anticipate that Navitas Semiconductor Corporation will post -0.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Gary Kent Wunderlich, Jr. sold 73,000 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $28.11, for a total transaction of $2,052,030.00. Following the sale, the director directly owned 13,964 shares in the company, valued at approximately $392,528.04. The trade was a 83.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chris Allexandre sold 13,323 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $31.81, for a total transaction of $423,804.63. Following the transaction, the chief executive officer directly owned 1,072,633 shares in the company, valued at approximately $34,120,455.73. This trade represents a 1.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 3,989,478 shares of company stock worth $116,356,387. 12.40% of the stock is owned by insiders.

Institutional Trading of Navitas Semiconductor

A number of institutional investors have recently added to or reduced their stakes in NVTS. Beaird Harris Wealth Management LLC increased its holdings in Navitas Semiconductor by 247.8% in the second quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company’s stock valued at $31,000 after buying an additional 1,239 shares in the last quarter. Allworth Financial LP lifted its position in shares of Navitas Semiconductor by 309.4% during the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock valued at $26,000 after acquiring an additional 2,698 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Navitas Semiconductor by 3,200.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,125 shares of the company’s stock worth $36,000 after acquiring an additional 4,000 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Navitas Semiconductor by 189.8% in the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock worth $29,000 after acquiring an additional 2,942 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Navitas Semiconductor by 116.5% in the 4th quarter. GAMMA Investing LLC now owns 4,736 shares of the company’s stock worth $34,000 after acquiring an additional 2,548 shares during the period. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Company Profile

Navitas Semiconductor is a fabless semiconductor company specialized in gallium nitride (GaN) power integrated circuits. The company’s core mission centers on delivering high-efficiency, high-power-density power solutions that address the needs of modern electronic devices, ranging from fast chargers for consumer electronics to industrial and automotive power systems.

Navitas offers a portfolio of GaNFast power ICs designed to replace traditional silicon-based power components. These products integrate GaN transistors, drivers and protection features into single-chip solutions, enabling faster charging, reduced energy loss and smaller power supply footprints.