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Navitas Semiconductor Stock Declines Following Analyst Downgrade
Navitas Semiconductor Stock Declines Following Analyst Downgrade
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BTCCSquare news:
Navitas Semiconductor shares fell sharply this week after a downgrade from CJS Securities. Analyst Jonathan Tanwanteng shifted his rating to market perform, citing lackluster Q2 results as a likely factor. The chipmaker's revenue dropped nearly 30% year-over-year, with losses doubling to $0.25 per share.
The sell-off contrasts sharply with May's Optimism when Navitas announced a partnership with a major chip manufacturer. Market sentiment has cooled considerably since then, with the stock remaining depressed through Thursday's close.
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