Navitas Semiconductor (NASDAQ:NVTS) Trading Down 4% - Here's What Happened

Key Points

• Navitas Semiconductor's stock has declined by 4% during trading, closing at $7.07, with a significant drop in trading volume of 76% compared to its average.
• Despite varied analyst ratings—with three buy ratings and two hold ratings—the consensus price target for Navitas is currently set at $5.65.
• Recently, there was notable insider activity, with one director selling over 2.9 million shares while another acquired over 18.6 million shares, highlighting significant fluctuations in insider ownership.

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) traded down 4% during mid-day trading on Thursday . The company traded as low as $7.07 and last traded at $7.07. 5,356,674 shares were traded during trading, a decline of 76% from the average session volume of 22,143,963 shares. The stock had previously closed at $7.36.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Morgan Stanley set a $4.40 price target on Navitas Semiconductor in a research report on Tuesday, August 5th. Needham & Company LLC boosted their price target on Navitas Semiconductor from $3.00 to $8.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Rosenblatt Securities reduced their price target on Navitas Semiconductor from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Tuesday, August 5th. Craig Hallum downgraded Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price objective on the stock. in a research note on Tuesday, August 5th. 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 note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $5.65.

Navitas Semiconductor Stock Down 4.4%

The business has a 50-day moving average price of $7.05 and a 200-day moving average price of $4.17. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -10.82 and a beta of 3.02.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.05). The company had revenue of $14.49 million for the quarter, compared to analyst estimates of $14.43 million. Navitas Semiconductor had a negative return on equity of 18.16% and a negative net margin of 182.63%. Navitas Semiconductor's revenue for the quarter was down 29.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) earnings per share. As a group, sell-side analysts predict that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Insider Buying and Selling at Navitas Semiconductor

In other Navitas Semiconductor news, Director Brian Long sold 2,955,509 shares of the business's stock in a transaction dated 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 transaction, the director owned 5,920,991 shares in the company, valued at $39,137,750.51. The trade was 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 the SEC website. Also, Director Ranbir Singh bought 18,645,603 shares of the stock in a transaction on Monday, July 28th. The stock was purchased at an average price of $8.79 per share, for a total transaction of $163,894,850.37. Following the purchase, the director directly owned 18,645,603 shares of the company's stock, valued at approximately $163,894,850.37. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase 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 ninety days. Company insiders own 29.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Navitas Semiconductor by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company's stock worth $20,495,000 after acquiring an additional 123,598 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Navitas Semiconductor by 3.9% during the 2nd quarter. Geode Capital Management LLC now owns 3,340,193 shares of the company's stock worth $21,882,000 after acquiring an additional 124,594 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Navitas Semiconductor by 75.2% during the 2nd quarter. Invesco Ltd. now owns 3,206,008 shares of the company's stock worth $20,999,000 after acquiring an additional 1,376,205 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Navitas Semiconductor by 1,742.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,428,386 shares of the company's stock worth $9,356,000 after acquiring an additional 1,350,857 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Navitas Semiconductor by 180.5% during the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock worth $4,407,000 after acquiring an additional 794,371 shares in the last quarter. Hedge funds and other institutional investors 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.

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