Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 3.4% - What's Next?

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) fell 3.4% during mid-day trading on Friday . The company traded as low as $6.68 and last traded at $6.77. 14,796,424 shares traded hands during trading, an increase of 31% from the average session volume of 11,285,249 shares. The stock had previously closed at $7.00.

Wall Street Analysts Forecast Growth

NVTS has been the topic of a number of research reports. Robert W. Baird cut their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. Morgan Stanley lowered shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $2.10 to $1.50 in a report on Monday, April 7th. Needham & Company LLC reduced their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Rosenblatt Securities boosted their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 target price on the stock. in a research note on Tuesday, June 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $3.71.

Navitas Semiconductor Trading Down 7.0%

The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -12.54 and a beta of 2.95. The firm has a 50-day moving average of $3.91 and a 200 day moving average of $3.27.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, hitting analysts' consensus estimates of ($0.06). The business had revenue of $14.02 million for the quarter, compared to analysts' expectations of $14.01 million. Navitas Semiconductor had a negative net margin of 131.83% and a negative return on equity of 22.62%. The business's revenue for the quarter was down 39.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.06) earnings per share. As a group, research analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Eugene Sheridan sold 2,155,783 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $4.49, for a total transaction of $9,679,465.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ranbir Singh sold 21,782 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $8.53, for a total transaction of $185,800.46. Following the sale, the director now directly owns 19,214,053 shares of the company's stock, valued at $163,895,872.09. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,084,600 shares of company stock worth $99,761,157 in the last quarter. 29.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently modified their holdings of the stock. Northern Trust Corp grew its stake in Navitas Semiconductor by 9.5% in the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock worth $4,319,000 after purchasing an additional 104,906 shares in the last quarter. Millennium Management LLC bought a new position in Navitas Semiconductor during the 4th quarter worth approximately $52,000. Merit Financial Group LLC acquired a new position in shares of Navitas Semiconductor in the 1st quarter worth approximately $48,000. Bank of America Corp DE increased its holdings in shares of Navitas Semiconductor by 180.5% in the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after acquiring an additional 794,371 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Navitas Semiconductor during the 4th quarter valued at approximately $52,000. 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.