Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down – Here’s Why

Shares of 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 changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NVTS. Jefferies Financial Group set a $13.00 price objective on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Weiss Ratings raised Navitas Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 17th. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price target on shares of Navitas Semiconductor in a research report on Tuesday, July 28th. Rosenblatt Securities reissued a “neutral” rating and issued a $13.00 price objective on shares of Navitas Semiconductor in a report on Tuesday, July 28th. Finally, Morgan Stanley restated an “underweight” rating and issued a $12.60 price objective 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 assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.92.

Navitas Semiconductor Stock Down 5.6%

The company’s 50-day moving average price is $12.40 and its 200-day moving average price is $14.90. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of -8.25 and a beta of 3.88.

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

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in the company. Parkside Financial Bank & Trust grew its position in Navitas Semiconductor by 19.9% in the second quarter. Parkside Financial Bank & Trust now owns 6,335 shares of the company’s stock worth $114,000 after acquiring an additional 1,050 shares during the period. Kestra Advisory Services LLC increased its stake in Navitas Semiconductor by 2.8% during the first quarter. Kestra Advisory Services LLC now owns 42,189 shares of the company’s stock worth $370,000 after acquiring an additional 1,150 shares during the last quarter. Beaird Harris Wealth Management LLC raised its position in Navitas Semiconductor by 247.8% in the second quarter. Beaird Harris Wealth Management LLC now owns 1,739 shares of the company’s stock valued at $31,000 after purchasing an additional 1,239 shares during the period. Russell Investments Group Ltd. raised its position in Navitas Semiconductor by 12.6% in the fourth quarter. Russell Investments Group Ltd. now owns 13,476 shares of the company’s stock valued at $96,000 after purchasing an additional 1,505 shares during the period. Finally, Rakuten Securities Inc. acquired a new position in shares of Navitas Semiconductor in the 2nd quarter valued at $27,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Company Profile

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.