Navitas Semiconductor (NASDAQ:NVTS) Trading Down 6.3% - Here's What Happened

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s stock price traded down 6.3% during mid-day trading on Wednesday . The stock traded as low as $3.36 and last traded at $3.34. 991,900 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 4,778,472 shares. The stock had previously closed at $3.56.

Analysts Set New Price Targets

NVTS has been the subject of several recent research reports. Rosenblatt Securities reissued a "buy" rating and set a $7.50 target price on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. Craig Hallum reduced their target price on shares of Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating for the company in a report on Tuesday, November 5th. Finally, Robert W. Baird lowered their price objective on shares of Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating for the company in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $4.75.

Navitas Semiconductor Stock Down 6.0 %

The company has a market capitalization of $625.03 million, a price-to-earnings ratio of -7.94 and a beta of 2.23. The business has a 50-day moving average price of $3.18 and a two-hundred day moving average price of $3.04.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $21.68 million during 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 firm's revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.10) EPS. On average, sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Activity

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 80,000 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 356,709 shares in the company, valued at approximately $1,441,104.36. The trade was a 18.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 31.80% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds and other institutional investors have recently made changes to their positions in NVTS. Point72 Asset Management L.P. boosted its position in shares of 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 worth $19,677,000 after buying an additional 3,748,124 shares during the period. State Street Corp lifted its stake 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 acquiring an additional 221,575 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its stake in shares of Navitas Semiconductor by 31.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company's stock worth $8,713,000 after purchasing an additional 845,664 shares in the last quarter. Masters Capital Management LLC increased its holdings in shares of 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 last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Navitas Semiconductor during the 2nd quarter valued at about $2,364,000. 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.

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