Navitas Semiconductor (NASDAQ:NVTS) Trading Down 4.2% - Time to Sell?

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shares dropped 4.2% during mid-day trading on Thursday . The stock traded as low as $3.15 and last traded at $3.16. Approximately 959,093 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 3,187,890 shares. The stock had previously closed at $3.30.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on NVTS shares. Robert W. Baird lowered 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. Rosenblatt Securities reissued a "buy" rating and issued a $7.50 price target on shares of Navitas Semiconductor in a research note on Thursday, October 31st. 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 report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Navitas Semiconductor presently has a consensus rating of "Moderate Buy" and an average price target of $4.75.

Navitas Semiconductor Price Performance

The firm has a market cap of $524.90 million, a price-to-earnings ratio of -6.69 and a beta of 2.37. The firm has a 50 day moving average price of $2.68 and a 200-day moving average price of $3.16.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings data 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 net margin of 84.61% and a negative return on equity of 23.64%. The business had revenue of $21.68 million for the quarter, compared to analyst estimates of $21.93 million. During the same period last year, the business posted ($0.10) earnings per share. The firm's quarterly revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts expect that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 80,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the transaction, the director now owns 356,709 shares in the company, valued at approximately $1,441,104.36. This represents a 18.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 31.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Navitas Semiconductor by 28.6% in the second quarter. Bank of New York Mellon Corp now owns 486,640 shares of the company's stock worth $1,912,000 after buying an additional 108,122 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in Navitas Semiconductor by 5.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company's stock worth $306,000 after purchasing an additional 4,000 shares during the period. Rhumbline Advisers lifted its position in shares of Navitas Semiconductor by 10.5% in the second quarter. Rhumbline Advisers now owns 178,306 shares of the company's stock worth $701,000 after buying an additional 16,892 shares in the last quarter. Wedbush Securities Inc. purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter valued at about $49,000. Finally, Rice Hall James & Associates LLC purchased a new position in shares of Navitas Semiconductor during the second quarter valued at approximately $2,151,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.