Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down – What’s Next?

Navitas Semiconductor Corporation (NASDAQ:NVTS) 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 traded.

Wall Street Analysts Forecast Growth

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

Navitas Semiconductor Trading Down 0.7%

The company has a 50-day moving average of $12.25 and a 200-day moving average of $14.92. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of -8.13 and a beta of 3.88.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Monday, July 27th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%.The company had revenue of $10.53 million during the quarter, compared to analysts’ expectations of $9.97 million. During the same period last year, the business posted ($0.25) earnings per share. The firm’s revenue was down 27.3% compared to the same quarter last year. On average, research analysts expect that Navitas Semiconductor Corporation will post -0.31 EPS for the current year.

Institutional Trading of Navitas Semiconductor

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in Navitas Semiconductor during the 2nd quarter valued at approximately $290,970,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Navitas Semiconductor during the second quarter worth $75,701,000. Tidal Investments LLC grew its holdings in shares of Navitas Semiconductor by 161.2% during the second quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock valued at $20,289,000 after buying an additional 698,683 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Navitas Semiconductor in the 2nd quarter valued at $16,757,000. Finally, Bank of America Corp DE increased its position in shares of Navitas Semiconductor by 17.2% in the 1st quarter. Bank of America Corp DE now owns 826,674 shares of the company’s stock valued at $7,250,000 after acquiring an additional 121,162 shares during the period. 46.14% of the stock is currently owned by institutional investors and hedge funds.

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.