Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down - Here's What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $3.37, but opened at $3.26. Navitas Semiconductor shares last traded at $3.26, with a volume of 511,851 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft reduced their target price on Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating on the stock in a research report on Tuesday, November 5th. Craig Hallum cut their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating on the stock in a report on Tuesday, November 5th. Robert W. Baird lowered their target price 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, Rosenblatt Securities reaffirmed a "buy" rating and set a $7.50 price target on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Navitas Semiconductor presently has an average rating of "Moderate Buy" and an average price target of $4.75.

Navitas Semiconductor Price Performance

The firm has a 50-day simple moving average of $3.31 and a 200 day simple moving average of $3.04. The company has a market capitalization of $644.46 million, a PE ratio of -8.21 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) EPS for the quarter, meeting the consensus estimate of ($0.06). The business had revenue of $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The company's revenue was down 1.4% on a year-over-year basis. During the same period last year, the business posted ($0.10) EPS. Equities research analysts expect that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Transactions at Navitas Semiconductor

In other news, Director Richard J. Hendrix sold 40,000 shares of Navitas Semiconductor stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the sale, the director now directly owns 316,709 shares of the company's stock, valued at approximately $1,437,858.86. The trade was a 11.21 % 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 hyperlink. Corporate insiders own 31.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Algert Global LLC bought a new stake in shares of Navitas Semiconductor in the 2nd quarter worth about $50,000. Signature Wealth Management Partners LLC bought a new stake in Navitas Semiconductor in the fourth quarter valued at about $51,000. Benjamin Edwards Inc. acquired a new stake in Navitas Semiconductor during the third quarter valued at approximately $36,000. Bleakley Financial Group LLC bought a new position in Navitas Semiconductor during the 3rd quarter worth approximately $41,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Navitas Semiconductor in the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

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.