Navitas Semiconductor tumbles after downbeat Q4 rev forecast

Navitas Semiconductor

05/11/2024 12:29

** Navitas Semiconductor's share  NVTS.O  slump 16.5% to
$2.18 premarket
    ** NVTS set to open at an all-time low, if losses hold
    ** Co sees Q4 rev of $18-$20 mln, below analysts estimates
of ~$24 mln - LSEG 
    ** NVTS's Q3 loss in line with estimates, while revenue
falls slightly more than expected
    ** Co says to cut 14% jobs, or 45 employees, as part of cost
cuts to save $2 mln/qtr and to streamline focus on AI data
centers, EV and mobile applications
    ** Morgan Stanley says NVTS has been undeniably impacted by
market volatility, including due to intense competition,
substantial price reduction
    ** Six of nine analysts covering NVTS rated it "buy" or
higher, 3 "hold"; median PT is $5 -LSEG data
    ** As of last close, stock down ~68% YTD

 (Reporting by Ragini Mathur)
 ((Ragini.Mathur@thomsonreuters.com;))