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

Navitas Semiconductor Corporation (NASDAQ:NVTS – Get Free Report)’s share price gapped down before the market opened on Wednesday. The stock had previously closed at $10.45, but opened at $9.97. Navitas Semiconductor shares last traded at $9.7230, with a volume of 4,812,032 shares traded.

Analyst Upgrades and Downgrades

NVTS has been the topic of several analyst reports. Morgan Stanley reiterated an “underweight” rating and issued a $12.60 price objective on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Needham & Company LLC reissued a “buy” rating and set a $21.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, July 28th. Wall Street Zen downgraded Navitas Semiconductor from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Monday, September 14th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $13.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, September 29th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $15.92.

Get Our Latest Report on Navitas Semiconductor

Navitas Semiconductor Trading Down 9.1%

The firm’s fifty day simple moving average is $12.05 and its 200 day simple moving average is $15.24. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -7.14 and a beta of 3.96.

Navitas Semiconductor (NASDAQ:NVTS – Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.04). The business had revenue of $10.53 million during the quarter, compared to analysts’ expectations of $9.97 million. Navitas Semiconductor had a negative return on equity of 13.13% and a negative net margin of 856.85%. The business’s quarterly revenue was down 27.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.25) EPS. As a group, sell-side analysts expect that Navitas Semiconductor Corporation will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Navitas Semiconductor during the 2nd quarter valued at approximately $290,970,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Navitas Semiconductor during the 2nd quarter worth $75,701,000. Wellington Management Group LLP acquired a new stake in shares of Navitas Semiconductor in the 2nd quarter worth $16,757,000. Tidal Investments LLC lifted its stake in shares of Navitas Semiconductor by 161.2% in the 2nd quarter. Tidal Investments LLC now owns 1,132,184 shares of the company’s stock worth $20,289,000 after acquiring an additional 698,683 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Navitas Semiconductor in the second quarter valued at about $9,116,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Company Profile

(Get Free Report)

Navitas Semiconductor Corporation is a fabless semiconductor company that develops power-management technologies based on gallium nitride (GaN) and silicon carbide (SiC). Its products are designed to improve the efficiency, power density and size of electronic power systems by integrating power semiconductors with control, drive and protection circuitry.

The company offers GaN power integrated circuits, SiC MOSFETs and related power-management solutions for applications including mobile and consumer chargers, data centers, solar and energy-storage systems, electric vehicles, industrial equipment and other high-power systems.

Further Reading

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