Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 2.2% - Here's What Happened

Key Points

• Navitas Semiconductor's stock price fell by 2.2%, trading between $6.60 and $6.77, with a significant drop in trading volume by 79% compared to its average.
• Analyst ratings have varied, with Craig Hallum downgrading the stock to a "hold" with a price target of $6.00, while Needham & Company raised their target to $8.00, maintaining a "buy" rating.
• The company reported a 29.2% year-over-year decline in quarterly revenue, meeting consensus EPS estimates of ($0.05), indicating ongoing challenges within its business operations.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares dropped 2.2% during trading on Monday . The stock traded as low as $6.60 and last traded at $6.77. Approximately 4,657,379 shares changed hands during trading, a decline of 79% from the average daily volume of 22,026,318 shares. The stock had previously closed at $6.92.

Wall Street Analyst Weigh In

NVTS has been the subject of several research analyst reports. Craig Hallum downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price target for the company. in a report on Tuesday, August 5th. CJS Securities downgraded shares of Navitas Semiconductor from an "outperform" rating to a "market perform" rating in a report on Monday. Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target for the company. in a report on Tuesday, June 17th. Morgan Stanley set a $4.40 price target on shares of Navitas Semiconductor in a report on Tuesday, August 5th. Finally, Needham & Company LLC upped their price target on shares of Navitas Semiconductor from $3.00 to $8.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Navitas Semiconductor presently has an average rating of "Hold" and an average price target of $5.65.

Navitas Semiconductor Price Performance

The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -10.44 and a beta of 3.02. The stock has a fifty day moving average of $7.08 and a two-hundred day moving average of $4.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported ($0.05) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.05). The business had revenue of $14.49 million during the quarter, compared to the consensus estimate of $14.43 million. Navitas Semiconductor had a negative return on equity of 18.16% and a negative net margin of 182.63%. Navitas Semiconductor's quarterly revenue was down 29.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.07) earnings per share. On average, research analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Todd Glickman sold 100,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $8.00, for a total value of $800,000.00. Following the completion of the sale, the chief financial officer directly owned 134,501 shares in the company, valued at $1,076,008. This represents a 42.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ranbir Singh acquired 18,645,603 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was bought at an average price of $8.79 per share, with a total value of $163,894,850.37. Following the completion of the acquisition, the director directly owned 18,645,603 shares of the company's stock, valued at $163,894,850.37. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 15,009,600 shares of company stock valued at $99,605,157 over the last ninety days. 29.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Navitas Semiconductor

A number of large investors have recently bought and sold shares of the business. Captrust Financial Advisors grew its holdings in Navitas Semiconductor by 3.8% during the 2nd quarter. Captrust Financial Advisors now owns 45,758 shares of the company's stock worth $300,000 after acquiring an additional 1,667 shares during the period. Ameritas Investment Partners Inc. grew its holdings in Navitas Semiconductor by 20.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,678 shares of the company's stock worth $90,000 after acquiring an additional 2,352 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. The Manufacturers Life Insurance Company grew its position in shares of Navitas Semiconductor by 7.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,441 shares of the company's stock worth $324,000 after buying an additional 3,559 shares during the period. Finally, Cranbrook Wealth Management LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $25,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

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.

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