Navitas Semiconductor Faces Downgrade
Specialty chipmaker Navitas Semiconductor (NASDAQ: NVTS) has seen its shares drop over 10% week-to-date as a result of a downgrade from CJS Securities analyst Jonathan Tanwanteng. This downgrade, which shifted the stock’s rating from “market outperform” to “market perform,” occurred on Wednesday. The company’s troubling second-quarter results, which reported a nearly 30% revenue decline year-over-year and a net loss of $0.25 per share, may have influenced this decision.
Investor Reaction and Future Outlook
The downgrade sparked a notable sell-off among investors, contrasting sharply with the company’s previous collaboration with Nvidia announced in May, aimed at developing hardware solutions for AI-focused data centers. Despite the recent downturn, specifics on pricing targets following the downgrade were not provided, deepening uncertainty among investors as the company navigates through challenging financial reports.
