Navitas Semiconductor (NASDAQ:NVTS) Trading Down 5% - Should You Sell?

Key Points

• Navitas Semiconductor's shares fell by 5% to $6.89, with trading volume down 77% compared to its average, indicating investor concerns and possibly a shift in market sentiment.
• Analysts have mixed ratings on the stock, with price targets ranging from $3.50 to $10.00, while the consensus price target stands at $5.65.
• Insiders have been active; one director bought over 18 million shares, while a CFO sold 100,000 shares, highlighting contrasting confidence within the company's leadership.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) shares traded down 5% during mid-day trading on Friday . The company traded as low as $6.84 and last traded at $6.89. 5,026,041 shares were traded during trading, a decline of 77% from the average session volume of 22,086,607 shares. The stock had previously closed at $7.25.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut 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. Needham & Company LLC boosted their price target on Navitas Semiconductor from $3.00 to $8.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Rosenblatt Securities decreased their price target on Navitas Semiconductor from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Tuesday, August 5th. Craig Hallum lowered Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $6.00 price target on the stock. in a research note on Tuesday, August 5th. Finally, Morgan Stanley set a $4.40 price target on Navitas Semiconductor in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $5.65.

Navitas Semiconductor Price Performance

The firm has a 50-day moving average of $7.07 and a 200 day moving average of $4.20. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -10.61 and a beta of 3.02.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.05). Navitas Semiconductor had a negative return on equity of 18.16% and a negative net margin of 182.63%. The company had revenue of $14.49 million during the quarter, compared to analysts' expectations of $14.43 million. During the same period last year, the firm posted ($0.07) earnings per share. The business's revenue was down 29.2% on a year-over-year basis. On average, equities analysts forecast that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Ranbir Singh bought 18,645,603 shares of the stock in a transaction dated Monday, July 28th. The shares were bought at an average price of $8.79 per share, for a total transaction of $163,894,850.37. Following the completion of the purchase, the director owned 18,645,603 shares in the company, valued at approximately $163,894,850.37. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Todd Glickman sold 100,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was 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 trade represents a 42.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,009,600 shares of company stock valued at $99,605,157. Insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. boosted its position in shares of Navitas Semiconductor by 20.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,678 shares of the company's stock valued at $90,000 after purchasing an additional 2,352 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Navitas Semiconductor by 189.8% during the second quarter. NewEdge Advisors LLC now owns 4,492 shares of the company's stock valued at $29,000 after acquiring an additional 2,942 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Navitas Semiconductor by 7.8% during the second quarter. The Manufacturers Life Insurance Company now owns 49,441 shares of the company's stock valued at $324,000 after acquiring an additional 3,559 shares in the last quarter. Cranbrook Wealth Management LLC bought a new position in shares of Navitas Semiconductor in the second quarter valued at approximately $25,000. Finally, Laidlaw Wealth Management LLC lifted its holdings in shares of Navitas Semiconductor by 21.8% in the second quarter. Laidlaw Wealth Management LLC now owns 22,316 shares of the company's stock valued at $146,000 after purchasing an additional 4,000 shares in the last quarter. 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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