Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 4.9% - Here's What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s stock price was down 4.9% on Wednesday . The company traded as low as $8.15 and last traded at $8.20. Approximately 11,703,245 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 13,768,011 shares. The stock had previously closed at $8.62.

Analysts Set New Price Targets

Several analysts recently commented on NVTS shares. Rosenblatt Securities increased their target price 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. Needham & Company LLC cut their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft lowered shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 target price for the company. in a research note on Tuesday, June 17th. Finally, Morgan Stanley lowered shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $2.10 to $1.50 in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Navitas Semiconductor has an average rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Price Performance

The stock's fifty day moving average price is $6.39 and its 200-day moving average price is $3.82. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -16.90 and a beta of 3.01.

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 (EPS) for the quarter, meeting analysts' consensus estimates of ($0.06). Navitas Semiconductor had a negative net margin of 131.83% and a negative return on equity of 22.62%. The business had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same quarter in the previous year, the business earned ($0.06) earnings per share. The firm's revenue was down 39.7% compared to the same quarter last year. As a group, equities research analysts predict that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, CFO Todd Glickman sold 100,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $8.00, for a total value of $800,000.00. Following the transaction, the chief financial officer owned 134,501 shares in the company, valued at approximately $1,076,008. This represents a 42.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eugene Sheridan sold 238,668 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 461,332 shares in the company, valued at approximately $3,459,990. This represents a 34.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,084,600 shares of company stock valued at $99,761,157 over the last three months. 29.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NVTS. Raymond James Financial Inc. acquired a new position in Navitas Semiconductor in the 4th quarter valued at approximately $44,000. Cibc World Markets Corp acquired a new position in shares of Navitas Semiconductor during the 4th quarter worth $42,000. American Century Companies Inc. increased its stake in shares of Navitas Semiconductor by 52.7% during the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock worth $56,000 after purchasing an additional 5,419 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Navitas Semiconductor during the 4th quarter worth $68,000. Finally, Vanguard Group Inc. increased its stake in shares of Navitas Semiconductor by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 9,873,888 shares of the company's stock worth $35,250,000 after purchasing an additional 166,115 shares during the last quarter. 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.