Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s share price dropped 1.3% on Friday . The company traded as low as $6.53 and last traded at $6.70. Approximately 8,709,987 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 22,255,125 shares. The stock had previously closed at $6.79.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on NVTS shares. Rosenblatt Securities cut their price target on Navitas Semiconductor from $10.00 to $8.00 and set a "buy" rating for the company in a report on Tuesday. Craig Hallum downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price target on the stock. in a report on Tuesday. Morgan Stanley set a $4.40 target price on shares of Navitas Semiconductor in a report on Tuesday. Needham & Company LLC raised their price target on shares of Navitas Semiconductor from $3.00 to $8.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective on the stock. in a research report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $5.65.
Read Our Latest Stock Analysis on Navitas Semiconductor
Navitas Semiconductor Stock Performance
The company has a market cap of $1.28 billion, a P/E ratio of -10.24 and a beta of 3.02. The stock has a 50-day moving average of $6.96 and a two-hundred day moving average of $4.07.
Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $14.49 million for the quarter, compared to the consensus estimate of $14.43 million. Navitas Semiconductor had a negative net margin of 182.63% and a negative return on equity of 18.16%. The firm's revenue for the quarter was down 29.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.07) earnings per share. As a group, sell-side analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.
Insider Activity at Navitas Semiconductor
In related news, Director Ranbir Singh acquired 18,645,603 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was bought at an average cost of $8.79 per share, for a total transaction of $163,894,850.37. Following the purchase, the director owned 18,645,603 shares in the company, valued at $163,894,850.37. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Eugene Sheridan sold 238,668 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $7.50, for a total value of $1,790,010.00. Following the completion of the transaction, the chief executive officer directly owned 461,332 shares in the company, valued at approximately $3,459,990. This represents a 34.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,084,600 shares of company stock valued at $99,761,157 over the last ninety days. Insiders own 29.90% of the company's stock.
Institutional Investors Weigh In On Navitas Semiconductor
Several institutional investors have recently made changes to their positions in NVTS. Geode Capital Management LLC raised its stake in shares of Navitas Semiconductor by 3.9% during the second quarter. Geode Capital Management LLC now owns 3,340,193 shares of the company's stock valued at $21,882,000 after acquiring an additional 124,594 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Navitas Semiconductor by 1,510.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 7,424 shares of the company's stock valued at $49,000 after purchasing an additional 6,963 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Navitas Semiconductor by 35.1% during the second quarter. SBI Securities Co. Ltd. now owns 27,673 shares of the company's stock valued at $181,000 after acquiring an additional 7,184 shares in the last quarter. Lisanti Capital Growth LLC acquired a new stake in shares of Navitas Semiconductor during the second quarter worth $1,244,000. Finally, Prospera Financial Services Inc purchased a new stake in Navitas Semiconductor in the second quarter valued at approximately $191,000. Institutional investors own 46.14% of the company's stock.
About Navitas Semiconductor
(
Get Free Report)
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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