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

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $4.03, but opened at $3.85. Navitas Semiconductor shares last traded at $3.80, with a volume of 1,323,557 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Robert W. Baird cut their target price on shares of Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 5th. Craig Hallum dropped their target price on Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $7.50 price objective on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft reduced their price target 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. Three 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, the stock currently has an average rating of "Moderate Buy" and an average price target of $4.75.

Navitas Semiconductor Trading Down 3.2 %

The stock's 50-day moving average price is $2.88 and its 200-day moving average price is $3.10. The company has a market cap of $728.50 million, a P/E ratio of -9.29 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $21.93 million. During the same quarter last year, the firm posted ($0.10) EPS. Navitas Semiconductor's revenue was down 1.4% compared to the same quarter last year. On average, research analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of Navitas Semiconductor stock in a transaction on Monday, December 9th. The shares were sold at an average price of $4.54, for a total transaction of $181,600.00. Following the transaction, the director now directly owns 316,709 shares of the company's stock, valued at $1,437,858.86. The trade was a 11.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 31.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NVTS. Point72 Asset Management L.P. raised its stake in Navitas Semiconductor by 87.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company's stock valued at $19,677,000 after acquiring an additional 3,748,124 shares during the period. State Street Corp boosted its holdings in Navitas Semiconductor by 4.0% in the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company's stock worth $14,275,000 after buying an additional 221,575 shares during the period. ArrowMark Colorado Holdings LLC raised its holdings in Navitas Semiconductor by 31.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company's stock valued at $8,713,000 after acquiring an additional 845,664 shares during the period. Masters Capital Management LLC raised its holdings in Navitas Semiconductor by 90.0% during the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company's stock valued at $7,467,000 after acquiring an additional 900,000 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in shares of Navitas Semiconductor during the second quarter worth $2,364,000. 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.