Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down – Should You Sell?

Navitas Semiconductor Co. (NASDAQ:NVTS)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $4.03, but opened at $3.85. Navitas Semiconductor shares last traded at $3.80, with a volume of 1,323,557 shares.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NVTS. Robert W. Baird reduced their price target on shares of Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Craig Hallum cut their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $7.50 price target on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.75.

Navitas Semiconductor Stock Down 3.7 %

The stock has a market capitalization of $724.77 million, a PE ratio of -9.24 and a beta of 2.37. The business’s fifty day moving average is $2.85 and its 200-day moving average is $3.11.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $21.68 million for 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% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.10) earnings per share. As a group, sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Activity

In related news, Director Richard J. Hendrix sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $4.04, for a total transaction of $323,200.00. Following the transaction, the director now directly owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. The trade was a 18.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 31.80% of the company’s stock.

Institutional Investors Weigh In On Navitas Semiconductor

A number of large investors have recently added to or reduced their stakes in NVTS. Point72 Asset Management L.P. increased its position in shares of Navitas Semiconductor by 2,656.2% during the second quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock worth $16,834,000 after acquiring an additional 4,127,940 shares during the last quarter. Masters Capital Management LLC increased its holdings in Navitas Semiconductor by 90.0% during the 2nd quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock worth $7,467,000 after purchasing an additional 900,000 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its position 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 valued at $8,713,000 after purchasing an additional 845,664 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Navitas Semiconductor during the second quarter worth approximately $2,364,000. Finally, Rice Hall James & Associates LLC bought a new stake in shares of Navitas Semiconductor in the second quarter worth $2,151,000. 46.14% of the stock is 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.