Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 5.4% - Should You Sell?

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) traded down 5.4% on Thursday . The company traded as low as $6.19 and last traded at $6.42. 31,692,680 shares changed hands during mid-day trading, an increase of 263% from the average session volume of 8,726,344 shares. The stock had previously closed at $6.78.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Needham & Company LLC decreased their price target on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Rosenblatt Securities raised their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Finally, Robert W. Baird cut their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Navitas Semiconductor presently has an average rating of "Moderate Buy" and a consensus target price of $3.79.

Navitas Semiconductor Price Performance

The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -14.71 and a beta of 2.96. The stock has a 50-day moving average price of $2.79 and a 200-day moving average price of $2.94.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The firm's revenue for the quarter was down 39.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) EPS. Equities analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Eugene Sheridan sold 2,155,783 shares of Navitas Semiconductor stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $4.49, for a total value of $9,679,465.67. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Todd Glickman sold 532,342 shares of Navitas Semiconductor stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total value of $2,390,215.58. Following the completion of the transaction, the chief financial officer now owns 234,501 shares in the company, valued at approximately $1,052,909.49. The trade was a 69.42% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,531,933 shares of company stock valued at $56,140,270. Insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently modified their holdings of the business. SCS Capital Management LLC bought a new position in shares of Navitas Semiconductor in the 1st quarter valued at $567,000. Hsbc Holdings PLC increased its stake in shares of Navitas Semiconductor by 980.4% in the 1st quarter. Hsbc Holdings PLC now owns 158,566 shares of the company's stock valued at $323,000 after purchasing an additional 143,890 shares during the last quarter. American Century Companies Inc. grew its position in Navitas Semiconductor by 650.6% during the 1st quarter. American Century Companies Inc. now owns 117,873 shares of the company's stock worth $242,000 after acquiring an additional 102,169 shares during the last quarter. Nuveen LLC bought a new stake in Navitas Semiconductor during the 1st quarter worth $675,000. Finally, Invesco Ltd. grew its position in Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock worth $3,751,000 after acquiring an additional 331,832 shares during the last quarter. Institutional investors 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.