Navitas Semiconductor (NASDAQ:NVTS) Shares Down 6.4% - What's Next?

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) traded down 6.4% during trading on Tuesday . The stock traded as low as $3.97 and last traded at $3.98. 3,676,177 shares changed hands during trading, a decline of 38% from the average session volume of 5,974,570 shares. The stock had previously closed at $4.25.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NVTS. Craig Hallum lowered their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. Robert W. Baird dropped their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft cut 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. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $7.50 target price on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Navitas Semiconductor currently has an average rating of "Moderate Buy" and a consensus price target of $4.75.

Navitas Semiconductor Stock Performance

The stock's 50-day simple moving average is $3.02 and its two-hundred day simple moving average is $3.09. The stock has a market cap of $730.37 million, a price-to-earnings ratio of -9.31 and a beta of 2.23.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, meeting 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 firm had revenue of $21.68 million during the quarter, compared to the consensus estimate of $21.93 million. During the same quarter in the prior year, the company earned ($0.10) EPS. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, research analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the completion of the transaction, the director now directly owns 356,709 shares of the company's stock, valued at approximately $1,441,104.36. This trade 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 can be accessed through this link. Corporate insiders own 31.80% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in NVTS. Rice Hall James & Associates LLC bought a new stake in Navitas Semiconductor during the second quarter worth about $2,151,000. State Street Corp grew its position in Navitas Semiconductor by 4.0% during the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company's stock worth $14,275,000 after acquiring an additional 221,575 shares during the last quarter. Point72 Asset Management L.P. increased 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 valued at $16,834,000 after purchasing an additional 4,127,940 shares in the last quarter. Squarepoint Ops LLC bought a new position in Navitas Semiconductor in the 2nd quarter valued at $2,364,000. Finally, Mirabella Financial Services LLP acquired a new position in Navitas Semiconductor in the third quarter worth $943,000. 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.