Navitas Semiconductor (NASDAQ:NVTS) Trading Down 9.8% – Should You Sell?

Navitas Semiconductor Co. (NASDAQ:NVTS) shares were down 9.8% during mid-day trading on Monday . The stock traded as low as $2.92 and last traded at $2.94. Approximately 3,047,890 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 5,424,114 shares. The stock had previously closed at $3.26.

Analyst Ratings Changes

NVTS has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Craig Hallum dropped their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Finally, Robert W. Baird cut their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Stock Performance

The company has a 50 day simple moving average of $3.08 and a 200 day simple moving average of $3.06. The company has a market capitalization of $657.52 million, a PE ratio of -8.38 and a beta of 2.23.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) earnings per share. As a group, equities research analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Insider Transactions at Navitas Semiconductor

In related news, Director Richard J. Hendrix sold 40,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $4.54, for a total transaction of $181,600.00. Following the completion of the sale, the director now owns 316,709 shares of the company’s stock, valued at approximately $1,437,858.86. This represents a 11.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 31.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. increased its holdings in shares of Navitas Semiconductor by 87.5% in the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock valued at $19,677,000 after purchasing an additional 3,748,124 shares during the last quarter. State Street Corp grew its holdings in Navitas Semiconductor by 4.0% in the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after buying an additional 221,575 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its stake in shares of Navitas Semiconductor by 31.2% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after acquiring an additional 845,664 shares during the last quarter. Masters Capital Management LLC increased its stake in shares of Navitas Semiconductor by 90.0% in the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock worth $7,467,000 after acquiring an additional 900,000 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Navitas Semiconductor during the 2nd quarter worth $2,364,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.