Navitas Semiconductor (NASDAQ:NVTS) Shares Down 6.9% – Here’s Why

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s share price traded down 6.9% on Tuesday . The stock traded as low as $21.90 and last traded at $22.09. 21,929,481 shares traded hands during trading, a decline of 24% from the average session volume of 29,045,178 shares. The stock had previously closed at $23.73.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Needham & Company LLC lifted their price objective on shares of Navitas Semiconductor from $13.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Navitas Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Morgan Stanley reissued an “underweight” rating and set a $13.70 price objective on shares of Navitas Semiconductor in a research note on Wednesday, May 6th. Rosenblatt Securities lifted their price objective on shares of Navitas Semiconductor from $7.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings lowered shares of Navitas Semiconductor from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.87.

Navitas Semiconductor Price Performance

The stock’s 50 day simple moving average is $19.36 and its two-hundred day simple moving average is $12.58. The stock has a market cap of $5.17 billion, a P/E ratio of -35.10 and a beta of 3.75.

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

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 110,165 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $28.96, for a total value of $3,190,378.40. Following the transaction, the director owned 101,709 shares of the company’s stock, valued at approximately $2,945,492.64. The trade was a 52.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ranbir Singh sold 3,060,118 shares of Navitas Semiconductor stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $29.29, for a total transaction of $89,630,856.22. Following the completion of the transaction, the director directly owned 15,607,533 shares in the company, valued at approximately $457,144,641.57. The trade was a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 3,989,478 shares of company stock worth $116,356,387. Corporate insiders own 12.40% of the company’s stock.

Institutional Trading of Navitas Semiconductor

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Prospera Financial Services Inc raised its holdings in shares of Navitas Semiconductor by 3.8% in the third quarter. Prospera Financial Services Inc now owns 30,285 shares of the company’s stock valued at $219,000 after purchasing an additional 1,120 shares during the last quarter. Kestra Advisory Services LLC raised its holdings in shares of Navitas Semiconductor by 2.8% in the first quarter. Kestra Advisory Services LLC now owns 42,189 shares of the company’s stock valued at $370,000 after purchasing an additional 1,150 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Navitas Semiconductor by 12.6% in the fourth quarter. Russell Investments Group Ltd. now owns 13,476 shares of the company’s stock valued at $96,000 after purchasing an additional 1,505 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of Navitas Semiconductor by 3.8% in the second quarter. Captrust Financial Advisors now owns 45,758 shares of the company’s stock valued at $300,000 after purchasing an additional 1,667 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC raised its holdings in shares of Navitas Semiconductor by 16.8% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 11,996 shares of the company’s stock valued at $86,000 after purchasing an additional 1,725 shares during the last quarter. 46.14% of the stock is currently owned by institutional investors and hedge funds.

About Navitas Semiconductor

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.