Navitas Semiconductor (NASDAQ:NVTS) Trading Down 9.8% – Time to Sell?

Navitas Semiconductor Co. (NASDAQ:NVTS)’s share price fell 9.8% during mid-day trading on Monday . The company traded as low as $2.92 and last traded at $2.94. Approximately 3,047,890 shares changed 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.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NVTS shares. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Robert W. Baird lowered their price target 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. Craig Hallum dropped their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $7.50 target price on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and an average price target of $4.75.

Navitas Semiconductor Stock Up 13.9 %

The firm has a market cap of $657.52 million, a PE ratio of -8.38 and a beta of 2.23. The business has a 50-day moving average price of $3.08 and a two-hundred day moving average price of $3.06.

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

Insider Buying and Selling

In other news, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $4.04, for a total value of $323,200.00. Following the sale, the director now directly owns 356,709 shares in the company, valued at approximately $1,441,104.36. This trade represents a 18.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 31.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors and hedge funds have recently modified their holdings of the company. Ensign Peak Advisors Inc lifted its holdings in Navitas Semiconductor by 5.2% during the 2nd quarter. Ensign Peak Advisors Inc now owns 77,245 shares of the company’s stock worth $304,000 after buying an additional 3,800 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Navitas Semiconductor by 5.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock valued at $306,000 after acquiring an additional 4,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Navitas Semiconductor by 48.9% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 24,826 shares of the company’s stock worth $98,000 after acquiring an additional 8,156 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Navitas Semiconductor by 16.2% in the second quarter. The Manufacturers Life Insurance Company now owns 71,998 shares of the company’s stock valued at $283,000 after purchasing an additional 10,024 shares in the last quarter. Finally, DRW Securities LLC acquired a new position in Navitas Semiconductor in the second quarter valued at approximately $46,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

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.