Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 10.3% – Time to Sell?

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s share price dropped 10.3% during trading on Wednesday . The stock traded as low as $20.41 and last traded at $20.50. Approximately 29,571,259 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 29,127,227 shares. The stock had previously closed at $22.85.

Wall Street Analysts Forecast Growth

NVTS has been the subject of several analyst reports. Wall Street Zen upgraded Navitas Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Robert W. Baird upped their target price on Navitas Semiconductor from $9.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Needham & Company LLC upped their target price on Navitas Semiconductor from $13.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings lowered Navitas Semiconductor from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. Finally, Rosenblatt Securities upped their price target on Navitas Semiconductor from $7.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.87.

Navitas Semiconductor Stock Down 10.3%

The company has a market capitalization of $4.79 billion, a price-to-earnings ratio of -32.54 and a beta of 3.75. The company has a 50 day simple moving average of $18.24 and a 200 day simple moving average of $12.17.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. Navitas Semiconductor had a negative return on equity of 14.30% and a negative net margin of 330.67%.The company had revenue of $8.60 million during the quarter, compared to analyst estimates of $8.22 million. During the same period in the prior year, the firm posted ($0.06) earnings per share. The firm’s revenue was down 38.7% on a year-over-year basis. On average, research analysts forecast that Navitas Semiconductor Corporation will post -0.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ranbir Singh sold 664,058 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $28.72, for a total value of $19,071,745.76. Following the completion of the sale, the director owned 14,943,475 shares in the company, valued at approximately $429,176,602. This trade represents a 4.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary Kent Wunderlich, Jr. sold 35,165 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $28.14, for a total value of $989,543.10. Following the completion of the sale, the director owned 2,375,060 shares of the company’s stock, valued at approximately $66,834,188.40. This trade represents a 1.46% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 4,087,630 shares of company stock valued at $117,414,466. Company insiders own 12.40% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

A number of large investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in shares of Navitas Semiconductor by 17.2% in the first quarter. Bank of America Corp DE now owns 826,674 shares of the company’s stock valued at $7,250,000 after buying an additional 121,162 shares in the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of Navitas Semiconductor in the first quarter valued at about $123,000. California State Teachers Retirement System grew its stake in shares of Navitas Semiconductor by 39.8% during the first quarter. California State Teachers Retirement System now owns 227,220 shares of the company’s stock valued at $1,993,000 after acquiring an additional 64,643 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Navitas Semiconductor by 12.5% during the first quarter. The Manufacturers Life Insurance Company now owns 93,115 shares of the company’s stock worth $817,000 after acquiring an additional 10,323 shares during the last quarter. Finally, Quantinno Capital Management LP purchased a new stake in shares of Navitas Semiconductor during the first quarter worth about $160,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Company Profile

Navitas Semiconductor is a fabless semiconductor company specialized in gallium nitride (GaN) power integrated circuits. The company’s core mission centers on delivering high-efficiency, high-power-density power solutions that address the needs of modern electronic devices, ranging from fast chargers for consumer electronics to industrial and automotive power systems.

Navitas offers a portfolio of GaNFast power ICs designed to replace traditional silicon-based power components. These products integrate GaN transistors, drivers and protection features into single-chip solutions, enabling faster charging, reduced energy loss and smaller power supply footprints.