Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 6.3% – Time to Sell?

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) traded down 6.3% during trading on Wednesday . The stock traded as low as $3.36 and last traded at $3.34. 991,900 shares changed hands during trading, a decline of 79% from the average session volume of 4,778,472 shares. The stock had previously closed at $3.56.

Analyst Upgrades and Downgrades

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

Navitas Semiconductor Stock Performance

The firm’s 50-day simple moving average is $3.24 and its 200 day simple moving average is $3.04. The company has a market cap of $644.46 million, a P/E ratio of -8.21 and a beta of 2.23.

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

Insider Buying and Selling

In other Navitas Semiconductor news, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the completion of the sale, the director now directly owns 316,709 shares in the company, valued at $1,437,858.86. This represents a 11.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 31.80% of the stock is currently owned by company insiders.

Institutional Trading of Navitas Semiconductor

A number of large investors have recently bought and sold shares of NVTS. State Street Corp boosted its holdings in shares of Navitas Semiconductor by 4.0% in the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock valued at $14,275,000 after buying an additional 221,575 shares during the period. Point72 Asset Management L.P. boosted its stake in Navitas Semiconductor by 2,656.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,283,350 shares of the company’s stock worth $16,834,000 after purchasing an additional 4,127,940 shares during the period. Squarepoint Ops LLC bought a new position in Navitas Semiconductor during the 2nd quarter worth about $2,364,000. Mirabella Financial Services LLP acquired a new stake in shares of Navitas Semiconductor in the 3rd quarter valued at about $943,000. Finally, Walleye Capital LLC acquired a new position in shares of Navitas Semiconductor during the third quarter worth about $283,000. 46.14% of the stock is owned by institutional investors.

About Navitas Semiconductor

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.