Navitas Semiconductor (NASDAQ:NVTS) Shares Down 2.2% - Here's Why

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s share price dropped 2.2% during mid-day trading on Thursday . The company traded as low as $6.81 and last traded at $6.87. Approximately 16,640,418 shares traded hands during trading, an increase of 40% from the average daily volume of 11,850,655 shares. The stock had previously closed at $7.02.

Wall Street Analysts Forecast Growth

NVTS has been the topic of a number of recent analyst reports. Rosenblatt Securities upped their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft lowered shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target on the stock. in a research note on Tuesday, June 17th. Needham & Company LLC cut 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 note on Tuesday, May 6th. 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 research note on Monday, April 7th. Finally, Robert W. Baird cut their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Trading Down 5.8%

The firm's fifty day moving average price is $4.32 and its 200 day moving average price is $3.35. The firm has a market capitalization of $1.27 billion, a PE ratio of -12.71 and a beta of 2.96.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The business had revenue of $14.02 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.06) EPS. On average, analysts predict that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Eugene Sheridan sold 238,668 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $7.50, for a total transaction of $1,790,010.00. Following the sale, the chief executive officer now owns 461,332 shares in the company, valued at approximately $3,459,990. This trade represents a 34.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brian Long sold 2,955,509 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $6.61, for a total transaction of $19,535,914.49. Following the sale, the director now owns 5,920,991 shares in the company, valued at approximately $39,137,750.51. This represents a 33.30% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,084,600 shares of company stock valued at $99,761,157. Corporate insiders own 29.90% of the company's stock.

Institutional Trading of Navitas Semiconductor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVTS. Bank of America Corp DE grew its position in Navitas Semiconductor by 180.5% during the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after buying an additional 794,371 shares during the period. Invesco Ltd. lifted its holdings in Navitas Semiconductor by 22.2% during the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after purchasing an additional 331,832 shares in the last quarter. Nuveen LLC purchased a new position in Navitas Semiconductor during the first quarter valued at $675,000. Susquehanna Fundamental Investments LLC purchased a new position in Navitas Semiconductor during the fourth quarter valued at $1,170,000. Finally, SCS Capital Management LLC purchased a new position in Navitas Semiconductor during the first quarter valued at $567,000. Institutional investors and hedge funds own 46.14% of the company's stock.

About Navitas Semiconductor

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.