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

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price gapped down prior to trading 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 topic of several other research reports. Northland Securities assumed coverage on Navitas Semiconductor in a research note on Tuesday, January 16th. They issued a “market perform” rating on the stock. Robert W. Baird dropped their price objective on Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $12.00 price objective on shares of Navitas Semiconductor in a research note on Friday, May 3rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $8.65.

Insider Buying and Selling at Navitas Semiconductor

In other news, EVP Ranbir Singh sold 10,925 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $52,440.00. Following the sale, the executive vice president now directly owns 29,357 shares in the company, valued at approximately $140,913.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other 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 directly owns 4,538,353 shares of the company’s stock, valued at $21,784,094.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ranbir Singh sold 10,925 shares of the 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 owns 29,357 shares in the company, valued at $140,913.60. The disclosure for this sale can be found here. Insiders sold 73,429 shares of company stock valued at $352,459 in the last 90 days. Insiders own 36.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Kodai Capital Management LP purchased a new position in Navitas Semiconductor in the fourth quarter valued at $31,869,000. Intrinsic Edge Capital Management LLC grew its position in shares of Navitas Semiconductor by 91.6% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 2,717,692 shares of the company’s stock valued at $21,932,000 after purchasing an additional 1,299,524 shares during the period. Vanguard Group Inc. grew its position in shares of Navitas Semiconductor by 14.2% in the third quarter. Vanguard Group Inc. now owns 8,572,707 shares of the company’s stock valued at $59,580,000 after purchasing an additional 1,064,010 shares during the period. Masters Capital Management LLC grew its position in shares of Navitas Semiconductor by 55.3% in the fourth quarter. Masters Capital Management LLC now owns 1,700,000 shares of the company’s stock valued at $13,719,000 after purchasing an additional 605,000 shares during the period. Finally, Barclays PLC grew its position in shares of Navitas Semiconductor by 898.2% in the third quarter. Barclays PLC now owns 391,238 shares of the company’s stock valued at $2,720,000 after purchasing an additional 352,044 shares during the period. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Stock Down 14.5 %

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

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

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.