Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 9.8% – Here’s What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS) shares fell 9.8% on Monday . The company traded as low as $2.92 and last traded at $2.94. 3,047,890 shares changed hands during trading, a decline of 44% from the average session volume of 5,424,114 shares. The stock had previously closed at $3.26.

Analyst Upgrades and Downgrades

NVTS has been the subject of a number of recent analyst reports. 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. Rosenblatt Securities reissued a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Robert W. Baird reduced their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Finally, Craig Hallum lowered their target price on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.75.

Navitas Semiconductor Stock Down 9.8 %

The firm has a market capitalization of $549.18 million, a price-to-earnings ratio of -7.00 and a beta of 2.23. The firm’s 50 day moving average is $3.06 and its 200 day moving average is $3.07.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $21.93 million. During the same period last year, the company posted ($0.10) EPS. The company’s revenue was down 1.4% compared to the same quarter last year. On average, sell-side analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Buying and Selling at Navitas Semiconductor

In related news, Director Richard J. Hendrix sold 80,000 shares of the stock in a transaction dated Friday, December 6th. The stock was 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 directly owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. This represents a 18.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of large investors have recently made changes to their positions in the business. Point72 Asset Management L.P. grew its position in Navitas Semiconductor by 87.5% during the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock valued at $19,677,000 after purchasing an additional 3,748,124 shares in the last quarter. State Street Corp grew its holdings in shares of Navitas Semiconductor by 4.0% during the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after acquiring an additional 221,575 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of Navitas Semiconductor by 31.2% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after acquiring an additional 845,664 shares during the last quarter. Masters Capital Management LLC raised its holdings in shares of Navitas Semiconductor by 90.0% during the second quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock worth $7,467,000 after acquiring an additional 900,000 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in Navitas Semiconductor during the second quarter valued at $2,364,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

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.