Navitas Semiconductor (NASDAQ:NVTS) Shares Down 6.9% - Here's Why

Key Points

• Navitas Semiconductor shares fell 6.9% in mid-day trading, hitting an intraday low of $21.90 after closing at $23.73 the prior day. Trading volume was also lighter than usual at about 21.9 million shares, below the average daily volume.
• Recent analyst sentiment remains mixed: several firms raised price targets, but the overall consensus is still Hold with a consensus target price of $12.87. Ratings currently include two Buys, five Holds, and two Sells.
• The company’s latest quarter showed better-than-expected EPS and revenue, but sales still fell 38.7% year over year and profitability remained deeply negative. Insider selling was also notable, with directors selling millions of shares over the past 90 days.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s share price dropped 6.9% during mid-day trading on Tuesday . The company traded as low as $21.90 and last traded at $22.09. Approximately 21,929,481 shares were traded during trading, a decline of 24% from the average daily volume of 29,045,178 shares. The stock had previously closed at $23.73.

Analyst Upgrades and Downgrades

NVTS has been the subject of a number of recent analyst reports. Weiss Ratings cut shares of Navitas Semiconductor from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 2nd. Robert W. Baird increased their target price on shares of Navitas Semiconductor from $9.00 to $20.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. Morgan Stanley reiterated an "underweight" rating and set a $13.70 target price on shares of Navitas Semiconductor in a research report on Wednesday, May 6th. Needham & Company LLC increased their target price on shares of Navitas Semiconductor from $13.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Finally, Rosenblatt Securities increased their target price on shares of Navitas Semiconductor from $7.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $12.87.

Navitas Semiconductor Stock Performance

The stock has a market cap of $5.17 billion, a price-to-earnings ratio of -35.10 and a beta of 3.75. The firm's 50-day simple moving average is $19.36 and its two-hundred day simple moving average is $12.58.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $8.60 million during the quarter, compared to analysts' expectations of $8.22 million. Navitas Semiconductor had a negative net margin of 330.67% and a negative return on equity of 14.30%. The company's quarterly revenue was down 38.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.06) EPS. Equities research analysts expect that Navitas Semiconductor Corporation will post -0.39 earnings per share for the current fiscal year.

Insider Activity at Navitas Semiconductor

In other Navitas Semiconductor news, Director Ranbir Singh sold 664,058 shares of the firm's stock in a transaction dated Thursday, May 28th. The shares were 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gary Kent Wunderlich, Jr. sold 35,165 shares of the firm's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $28.14, for a total transaction of $989,543.10. Following the completion of the sale, the director owned 2,375,060 shares of the company's stock, valued at $66,834,188.40. The trade was a 1.46% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 3,989,478 shares of company stock worth $116,356,387. 12.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently modified their holdings of the business. Allworth Financial LP grew its position in shares of Navitas Semiconductor by 309.4% during the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company's stock worth $26,000 after buying an additional 2,698 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Navitas Semiconductor by 3,200.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,125 shares of the company's stock worth $36,000 after buying an additional 4,000 shares during the period. NewEdge Advisors LLC grew its position in shares of Navitas Semiconductor by 189.8% during the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company's stock worth $29,000 after buying an additional 2,942 shares during the period. GAMMA Investing LLC boosted its stake in Navitas Semiconductor by 116.5% during the 4th quarter. GAMMA Investing LLC now owns 4,736 shares of the company's stock worth $34,000 after acquiring an additional 2,548 shares during the last quarter. Finally, State of Wyoming boosted its stake in Navitas Semiconductor by 92.8% during the 1st quarter. State of Wyoming now owns 4,803 shares of the company's stock worth $42,000 after acquiring an additional 2,312 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.