Navitas Semiconductor (NASDAQ:NVTS) Trading Down 3.9% - What's Next?

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) dropped 3.9% during mid-day trading on Wednesday . The company traded as low as $6.27 and last traded at $6.33. Approximately 6,036,908 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 12,522,185 shares. The stock had previously closed at $6.58.

Analyst Ratings Changes

NVTS has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft lowered shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target for the company. in a research report on Tuesday, June 17th. 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. Needham & Company LLC cut their price objective on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities raised their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $3.71.

Navitas Semiconductor Price Performance

The firm has a fifty day simple moving average of $5.04 and a 200 day simple moving average of $3.52. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -12.37 and a beta of 3.01.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting 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%. Navitas Semiconductor's quarterly revenue was down 39.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.06) earnings per share. Analysts expect that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director Brian Long sold 1,026,227 shares of Navitas Semiconductor stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $7.93, for a total transaction of $8,137,980.11. Following the sale, the director owned 4,420,991 shares in the company, valued at $35,058,458.63. The trade was a 18.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Todd Glickman sold 100,000 shares of Navitas Semiconductor stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $8.00, for a total transaction of $800,000.00. Following the sale, the chief financial officer owned 134,501 shares in the company, valued at $1,076,008. This represents a 42.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,084,600 shares of company stock valued at $99,761,157 in the last 90 days. 29.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Navitas Semiconductor

A number of institutional investors have recently bought and sold shares of the business. Simplicity Wealth LLC bought a new position in shares of Navitas Semiconductor during the first quarter valued at $26,000. Larson Financial Group LLC bought a new position in shares of Navitas Semiconductor during the first quarter valued at $28,000. Benjamin Edwards Inc. bought a new position in shares of Navitas Semiconductor during the first quarter valued at $31,000. Goodman Financial Corp bought a new position in shares of Navitas Semiconductor during the fourth quarter valued at $36,000. Finally, Caption Management LLC bought a new position in shares of Navitas Semiconductor during the fourth quarter valued at $36,000. Institutional investors and hedge funds 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.

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