Why Navitas Semiconductor Stock Just Crashed 23%
One week ago, Navitas Semiconductor (NASDAQ: NVTS) shares shot to the moon on reports of a big earnings beat in the company's first-quarter 2023 report. Navitas shares soared as much as 20% on earnings day -- then kept going higher over the next several days, ultimately racking up a stellar 43% gain.
Today, Navitas is cashing in those gains -- and investors are swallowing a 23% loss as Navitas shares tumble.
Navitas investors had a lot to be excited about last week, with Q1 2023 revenue literally doubling year over year, order backlog up 50%, and management targeting another double in revenue in the second quarter.
Source Fool.com
