Navitas Semiconductor (NASDAQ:NVTS) Shares Down 6.4% – Time to Sell?

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) fell 6.4% on Tuesday . The company traded as low as $3.97 and last traded at $3.98. 3,676,177 shares were traded during mid-day trading, a decline of 38% from the average session volume of 5,974,570 shares. The stock had previously closed at $4.25.

Analysts Set New Price Targets

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

Navitas Semiconductor Stock Down 12.3 %

The firm has a market capitalization of $640.71 million, a price-to-earnings ratio of -8.17 and a beta of 2.23. The business has a 50-day moving average price of $3.03 and a 200-day moving average price of $3.09.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.10) earnings per share. On average, equities research analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Insider Activity

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of Navitas Semiconductor stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the completion of the transaction, the director now owns 316,709 shares in the company, valued at approximately $1,437,858.86. This trade represents a 11.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several large investors have recently made changes to their positions in the company. M&T Bank Corp increased its stake in Navitas Semiconductor by 29.6% during the 3rd quarter. M&T Bank Corp now owns 159,804 shares of the company’s stock worth $392,000 after buying an additional 36,504 shares in the last quarter. State Street Corp increased its position in shares of Navitas Semiconductor by 4.0% during the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock worth $14,275,000 after purchasing an additional 221,575 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Navitas Semiconductor in the 3rd quarter valued at $172,000. Point72 Asset Management L.P. boosted its stake in Navitas Semiconductor by 87.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after purchasing an additional 3,748,124 shares during the last quarter. Finally, Centiva Capital LP acquired a new stake in Navitas Semiconductor during the 3rd quarter worth $195,000. 46.14% of the stock is currently owned by institutional investors and hedge funds.

Navitas Semiconductor Company Profile

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.