Navitas Semiconductor (NASDAQ:NVTS) Shares Down 4.1%

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shares dropped 4.1% on Wednesday . The company traded as low as $4.46 and last traded at $4.46. Approximately 279,353 shares changed hands during trading, a decline of 91% from the average daily volume of 3,008,898 shares. The stock had previously closed at $4.65.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NVTS shares. Needham & Company LLC cut their price target on shares of Navitas Semiconductor from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Friday, March 1st. Rosenblatt Securities restated a "buy" rating and issued a $12.00 target price on shares of Navitas Semiconductor in a research note on Friday, March 1st. Finally, Northland Securities began coverage on Navitas Semiconductor in a research report on Tuesday, January 16th. They set a "market perform" rating for the company. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $9.82.

Navitas Semiconductor Stock Performance

The company has a market cap of $828.14 million, a PE ratio of -5.25 and a beta of 2.54. The company's 50 day moving average price is $5.51 and its 200-day moving average price is $6.34.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $26.06 million during the quarter, compared to analyst estimates of $25.68 million. Navitas Semiconductor had a negative return on equity of 18.81% and a negative net margin of 183.04%. Equities research analysts expect that Navitas Semiconductor Co. will post -0.46 EPS for the current year.

Insider Buying and Selling

In related news, EVP Ranbir Singh sold 10,925 shares of the business's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $4.80, for a total value of $52,440.00. Following the sale, the executive vice president now directly owns 29,357 shares in the company, valued at approximately $140,913.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Ranbir Singh sold 10,925 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $52,440.00. Following the completion of the transaction, the executive vice president now directly owns 29,357 shares in the company, valued at approximately $140,913.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eugene Sheridan sold 38,431 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total value of $184,468.80. Following the sale, the chief executive officer now owns 3,061,631 shares in the company, valued at approximately $14,695,828.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,429 shares of company stock valued at $352,459. 36.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Navitas Semiconductor by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 8,777,091 shares of the company's stock valued at $70,831,000 after acquiring an additional 204,384 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Navitas Semiconductor by 8.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,113 shares of the company's stock worth $219,000 after purchasing an additional 2,202 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Navitas Semiconductor in the fourth quarter valued at approximately $764,000. Oberweis Asset Management Inc. lifted its holdings in shares of Navitas Semiconductor by 5.2% during the 4th quarter. Oberweis Asset Management Inc. now owns 959,900 shares of the company's stock worth $7,746,000 after acquiring an additional 47,400 shares during the last quarter. Finally, Penn Capital Management Company LLC raised its position in Navitas Semiconductor by 9.0% during the fourth quarter. Penn Capital Management Company LLC now owns 1,360,204 shares of the company's stock valued at $10,992,000 after purchasing an additional 112,551 shares in the last quarter. Institutional investors own 46.14% of the company's stock.

About Navitas Semiconductor

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.