Navitas Semiconductor (NASDAQ:NVTS) Trading Down 1.5% - Here's What Happened

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s share price fell 1.5% on Wednesday . The stock traded as low as $7.16 and last traded at $7.24. 19,171,280 shares traded hands during mid-day trading, an increase of 64% from the average session volume of 11,725,414 shares. The stock had previously closed at $7.35.

Analyst Upgrades and Downgrades

NVTS has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft cut shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target on the stock. in a report on Tuesday, June 17th. Needham & Company LLC cut their price target on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Robert W. Baird lowered their price target on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Morgan Stanley lowered shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Finally, Rosenblatt Securities increased their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Stock Performance

The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -14.09 and a beta of 2.95. The business's 50 day moving average is $4.11 and its 200-day moving average is $3.31.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The firm had revenue of $14.02 million during the quarter, compared to the consensus estimate of $14.01 million. During the same quarter in the prior year, the company earned ($0.06) EPS. The firm's revenue for the quarter was down 39.7% compared to the same quarter last year. Equities research analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at Navitas Semiconductor

In related news, Director Brian Long sold 2,955,509 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $6.61, for a total value of $19,535,914.49. Following the completion of the transaction, the director now directly owns 5,920,991 shares in the company, valued at approximately $39,137,750.51. This represents a 33.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Sicpower, Llc sold 8,500 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $6.53, for a total transaction of $55,505.00. Following the completion of the sale, the insider now directly owns 24,874,661 shares in the company, valued at $162,431,536.33. This trade represents a 0.03% decrease in their position. 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 in the last ninety days. Company insiders own 29.90% of the company's stock.

Institutional Investors Weigh In On Navitas Semiconductor

Several large investors have recently made changes to their positions in NVTS. Goodman Financial Corp bought a new stake in Navitas Semiconductor during the 4th quarter worth about $36,000. Caption Management LLC acquired a new position in Navitas Semiconductor during the 4th quarter valued at about $36,000. Tower Research Capital LLC TRC grew its position in shares of Navitas Semiconductor by 125.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock worth $37,000 after buying an additional 5,726 shares during the period. Steel Grove Capital Advisors LLC acquired a new stake in Navitas Semiconductor during the 4th quarter worth $39,000. Finally, Cibc World Markets Corp acquired a new stake in shares of Navitas Semiconductor during the fourth quarter worth $42,000. Institutional investors own 46.14% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.