Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down - Time to Sell?

Key Points

• Navitas Semiconductor shares fell 5.6%, opening at $10.65 versus a prior close of $11.63 and trading below both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed, with two Buy, two Hold, and two Sell ratings; the consensus view is Hold with a $15.92 price target.
• Navitas met quarterly EPS expectations at a loss of $0.04 and exceeded revenue estimates, but revenue declined 27.3% year over year and the company continues to report substantial losses.

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $11.63, but opened at $10.65. Navitas Semiconductor shares last traded at $10.9950, with a volume of 2,477,301 shares.

Analyst Ratings Changes

Several research firms recently issued reports on NVTS. Jefferies Financial Group set a $13.00 target price on Navitas Semiconductor in a research report on Tuesday, July 28th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $13.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Weiss Ratings upgraded Navitas Semiconductor from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, June 17th. Needham & Company LLC restated a "buy" rating and issued a $21.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $12.60 target price on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $15.92.

Navitas Semiconductor Stock Down 5.6%

The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of -8.25 and a beta of 3.88. The business's 50-day moving average is $12.40 and its 200-day moving average is $14.90.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The company had revenue of $10.53 million for the quarter, compared to analyst estimates of $9.97 million. Navitas Semiconductor had a negative net margin of 856.85% and a negative return on equity of 13.13%. The firm's revenue was down 27.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.25) earnings per share. As a group, analysts expect that Navitas Semiconductor Corporation will post -0.31 EPS for the current year.

Institutional Trading of Navitas Semiconductor

Hedge funds have recently modified their holdings of the stock. Rakuten Securities Inc. purchased a new position in Navitas Semiconductor during the second quarter valued at approximately $27,000. Beaird Harris Wealth Management LLC boosted its position in Navitas Semiconductor by 247.8% in the 2nd quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company's stock worth $31,000 after purchasing an additional 1,239 shares in the last quarter. Allworth Financial LP boosted its position in Navitas Semiconductor by 309.4% in the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company's stock worth $26,000 after purchasing an additional 2,698 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $66,000. Finally, Compass Financial Management LLC acquired a new stake in shares of Navitas Semiconductor during the 2nd quarter worth approximately $71,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation NASDAQ: NVTS develops gallium nitride (GaN) and silicon carbide (SiC) power semiconductor technologies. Its products are designed to improve the efficiency, power density and size of power-conversion systems used in electronic devices and infrastructure.

The company offers GaN power integrated circuits, including its GaNFast product family, as well as SiC devices and related technologies marketed under the GeneSiC brand. Its products are used in applications such as mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, appliances, industrial equipment and other high-power systems.

Founded in 2014, Navitas is headquartered in Torrance, California, and serves customers and markets internationally.

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