Navitas Semiconductor (NASDAQ:NVTS) Shares Down 4.9%

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price was down 4.9% during trading on Wednesday . The stock traded as low as $2.92 and last traded at $2.93. Approximately 356,494 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 2,708,479 shares. The stock had previously closed at $3.08.

Analyst Upgrades and Downgrades

NVTS has been the topic of several research analyst reports. Craig Hallum lowered their price objective on shares of Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Robert W. Baird lowered their price target on Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Rosenblatt Securities reissued a “buy” rating and set a $10.00 price target on shares of Navitas Semiconductor in a research report on Friday, August 2nd. Needham & Company LLC decreased their price objective on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.50.

Navitas Semiconductor Stock Performance

The firm has a market cap of $536.49 million, a P/E ratio of -5.65 and a beta of 2.42. The company has a 50 day moving average of $4.04 and a 200 day moving average of $4.55.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Navitas Semiconductor had a negative return on equity of 21.22% and a negative net margin of 97.75%. The business had revenue of $20.50 million for the quarter, compared to analyst estimates of $20.01 million. During the same quarter last year, the company earned ($0.12) EPS. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, analysts expect that Navitas Semiconductor Co. will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In other news, Director Dipender Saluja sold 87,060 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $4.56, for a total transaction of $396,993.60. Following the completion of the sale, the director now owns 6,118,539 shares in the company, valued at approximately $27,900,537.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 31.80% of the company’s stock.

Institutional Trading of Navitas Semiconductor

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Navitas Semiconductor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 9,009,587 shares of the company’s stock worth $42,976,000 after acquiring an additional 232,496 shares during the last quarter. Kodai Capital Management LP boosted its stake in Navitas Semiconductor by 14.3% during the 1st quarter. Kodai Capital Management LP now owns 4,514,576 shares of the company’s stock valued at $21,535,000 after purchasing an additional 565,463 shares during the period. Intrinsic Edge Capital Management LLC grew its holdings in Navitas Semiconductor by 91.6% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 2,717,692 shares of the company’s stock valued at $21,932,000 after buying an additional 1,299,524 shares during the last quarter. Masters Capital Management LLC grew its holdings in Navitas Semiconductor by 55.3% in the 4th quarter. Masters Capital Management LLC now owns 1,700,000 shares of the company’s stock valued at $13,719,000 after buying an additional 605,000 shares during the last quarter. Finally, New York State Common Retirement Fund increased its position in Navitas Semiconductor by 9.0% in the 4th quarter. New York State Common Retirement Fund now owns 967,783 shares of the company’s stock worth $7,810,000 after buying an additional 79,722 shares during the period. 46.14% of the stock is owned by 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.