Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down – Time to Sell?

Navitas Semiconductor Corporation (NASDAQ:NVTS) gapped down before the market opened on Wednesday. The stock had previously closed at $10.45, but opened at $9.97. Navitas Semiconductor shares last traded at $9.7230, with a volume of 4,812,032 shares.

Analysts Set New Price Targets

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

Navitas Semiconductor Trading Down 1.3%

The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -6.94 and a beta of 3.96. The stock’s 50 day moving average is $11.93 and its 200 day moving average is $15.25.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Monday, July 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting 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 firm had revenue of $10.53 million during the quarter, compared to the consensus estimate of $9.97 million. During the same period last year, the business posted ($0.25) earnings per share. The business’s revenue for the quarter was down 27.3% compared to the same quarter last year. On average, equities research analysts predict that Navitas Semiconductor Corporation will post -0.31 EPS for the current year.

Institutional Trading of Navitas Semiconductor

Several hedge funds have recently added to or reduced their stakes in the company. Fortitude Advisory Group L.L.C. boosted its stake in Navitas Semiconductor by 20.0% in the 3rd quarter. Fortitude Advisory Group L.L.C. now owns 19,910 shares of the company’s stock valued at $231,000 after purchasing an additional 3,315 shares during the period. Lodestone Wealth Management LLC increased its position in Navitas Semiconductor by 12.7% during the 3rd quarter. Lodestone Wealth Management LLC now owns 18,772 shares of the company’s stock worth $218,000 after buying an additional 2,115 shares during the period. GAMMA Investing LLC increased its position in Navitas Semiconductor by 23.6% during the 3rd quarter. GAMMA Investing LLC now owns 7,117 shares of the company’s stock worth $83,000 after buying an additional 1,359 shares during the period. Private Capital Advisors Inc. bought a new position in Navitas Semiconductor during the 3rd quarter worth $149,000. Finally, Tidal Investments LLC lifted its holdings in shares of Navitas Semiconductor by 161.2% during the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock worth $20,289,000 after buying an additional 698,683 shares in the last quarter. 46.14% of the stock is owned by institutional investors and hedge funds.

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.