Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 7.2% – Here’s Why

Navitas Semiconductor Corporation (NASDAQ:NVTS) shares dropped 7.2% during trading on Monday. The stock traded as low as $10.08 and last traded at $10.0090. 2,536,812 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 23,299,379 shares. The stock had previously closed at $10.78.

Analysts Set New Price Targets

NVTS has been the subject of several analyst reports. Wall Street Zen downgraded Navitas Semiconductor from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Monday, September 14th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $13.00 price target on shares of Navitas Semiconductor in a research note on Tuesday, September 29th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $12.60 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $15.92.

Navitas Semiconductor Stock Performance

The business has a fifty day moving average of $12.05 and a 200 day moving average of $15.24.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Monday, July 27th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). Navitas Semiconductor had a negative net margin of 856.85% and a negative return on equity of 13.13%. The business had revenue of $10.53 million for the quarter, compared to analysts’ expectations of $9.97 million. During the same quarter in the previous year, the business posted ($0.25) earnings per share. The firm’s revenue for the quarter was down 27.3% compared to the same quarter last year. On average, research analysts expect that Navitas Semiconductor Corporation will post -0.31 EPS for the current year.

Institutional Investors Weigh In On Navitas Semiconductor

Several institutional investors and hedge funds have recently made changes to their positions in the company. Parkside Financial Bank & Trust raised its holdings in shares of Navitas Semiconductor by 19.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 6,335 shares of the company’s stock valued at $114,000 after purchasing an additional 1,050 shares in the last quarter. Kestra Advisory Services LLC increased its stake in Navitas Semiconductor by 2.8% in the first quarter. Kestra Advisory Services LLC now owns 42,189 shares of the company’s stock valued at $370,000 after purchasing an additional 1,150 shares during the last quarter. Beaird Harris Wealth Management LLC grew its position in shares of Navitas Semiconductor by 247.8% in the 2nd quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company’s stock valued at $31,000 after buying an additional 1,239 shares during the last quarter. GAMMA Investing LLC lifted its position in Navitas Semiconductor by 23.6% in the third quarter. GAMMA Investing LLC now owns 7,117 shares of the company’s stock valued at $83,000 after acquiring an additional 1,359 shares during the last quarter. Finally, Rakuten Securities Inc. purchased a new position in shares of Navitas Semiconductor during the second quarter worth about $27,000. Institutional investors own 46.14% of the company’s stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.