Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down Following Analyst Downgrade

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price gapped down before the market opened on Friday after Needham & Company LLC lowered their price target on the stock from $9.00 to $7.00. The stock had previously closed at $4.69, but opened at $4.19. Needham & Company LLC currently has a buy rating on the stock. Navitas Semiconductor shares last traded at $4.11, with a volume of 1,920,996 shares changing hands.

NVTS has been the subject of several other research reports. Northland Securities initiated coverage on shares of Navitas Semiconductor in a research report on Tuesday, January 16th. They set a “market perform” rating for the company. Robert W. Baird reduced their price objective on shares of Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Rosenblatt Securities restated a “buy” rating and set a $12.00 price objective on shares of Navitas Semiconductor in a research report on Friday, May 3rd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $8.65.

Insiders Place Their Bets

In related news, COO Daniel M. Kinzer sold 24,073 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $115,550.40. Following the completion of the sale, the chief operating officer now directly owns 4,538,353 shares in the company, valued at $21,784,094.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Daniel M. Kinzer sold 24,073 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $115,550.40. Following the transaction, the chief operating officer now owns 4,538,353 shares of the company’s stock, valued at $21,784,094.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ranbir Singh sold 10,925 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $52,440.00. Following the transaction, the executive vice president now directly owns 29,357 shares in the company, valued at approximately $140,913.60. The disclosure for this sale can be found here. Insiders sold a total of 73,429 shares of company stock worth $352,459 over the last ninety days. 36.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of Navitas Semiconductor by 241.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company’s stock valued at $57,000 after purchasing an additional 4,982 shares during the period. Atria Wealth Solutions Inc. bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $81,000. Mackenzie Financial Corp bought a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $87,000. Benjamin F. Edwards & Company Inc. raised its position in shares of Navitas Semiconductor by 72.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company’s stock valued at $63,000 after purchasing an additional 5,550 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of Navitas Semiconductor in the first quarter valued at approximately $65,000. Institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Stock Down 14.5 %

The stock’s 50-day moving average price is $4.58 and its 200 day moving average price is $5.94. The company has a market cap of $718.79 million, a P/E ratio of -4.72 and a beta of 2.52.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $26.06 million for the quarter, compared to the consensus estimate of $25.68 million. Navitas Semiconductor had a negative net margin of 183.04% and a negative return on equity of 18.81%. Analysts expect that Navitas Semiconductor Co. will post -0.46 earnings per share for the current fiscal year.

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.