Navitas Semiconductor (NASDAQ:NVTS) Shares Down 7.7%

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s share price traded down 7.7% during mid-day trading on Wednesday . The company traded as low as $4.31 and last traded at $4.34. 1,728,973 shares were traded during mid-day trading, a decline of 41% from the average session volume of 2,951,353 shares. The stock had previously closed at $4.70.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Rosenblatt Securities restated a "buy" rating and issued a $12.00 price target on shares of Navitas Semiconductor in a research report on Friday, March 1st. Northland Securities started coverage on shares of Navitas Semiconductor in a research report on Tuesday, January 16th. They issued a "market perform" rating on the stock. Finally, Needham & Company LLC cut their price objective on shares of Navitas Semiconductor from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Navitas Semiconductor has an average rating of "Moderate Buy" and an average target price of $9.82.

Navitas Semiconductor Trading Down 8.3 %

The stock has a market capitalization of $772.57 million, a P/E ratio of -4.90 and a beta of 2.54. The company's 50-day moving average is $5.35 and its two-hundred day moving average is $6.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. Navitas Semiconductor had a negative net margin of 183.04% and a negative return on equity of 18.81%. The company had revenue of $26.06 million for the quarter, compared to the consensus estimate of $25.68 million. Sell-side analysts expect that Navitas Semiconductor Co. will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Navitas Semiconductor news, EVP Ranbir Singh sold 10,925 shares of the business's stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Eugene Sheridan sold 38,431 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 $184,468.80. Following the transaction, the chief executive officer now owns 3,061,631 shares of the company's stock, valued at approximately $14,695,828.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ranbir Singh sold 10,925 shares of Navitas Semiconductor stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders have sold 73,429 shares of company stock worth $352,459. 36.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake 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 worth $70,831,000 after purchasing an additional 204,384 shares during the last quarter. BlackRock Inc. grew its stake in shares of Navitas Semiconductor by 374.4% in the 2nd quarter. BlackRock Inc. now owns 6,993,014 shares of the company's stock worth $73,706,000 after purchasing an additional 5,518,894 shares during the last quarter. State Street Corp increased its position in shares of Navitas Semiconductor by 111.1% in the second quarter. State Street Corp now owns 5,337,289 shares of the company's stock worth $56,255,000 after acquiring an additional 2,808,415 shares in the last quarter. Kodai Capital Management LP purchased a new position in shares of Navitas Semiconductor in the fourth quarter worth approximately $31,869,000. Finally, Intrinsic Edge Capital Management LLC increased its position in shares of Navitas Semiconductor by 91.6% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,717,692 shares of the company's stock worth $21,932,000 after acquiring an additional 1,299,524 shares in the last quarter. Institutional investors and hedge funds own 46.14% of the company's stock.

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.