Why Navitas Stock Plummeted Today
Navitas Semiconductor (NASDAQ: NVTS) stock saw big sell-offs over the last week of trading. The chip specialist's share price closed out the stretch down 22.7% from the previous week's close, according to data from S&P Global Market Intelligence.
Navitas got hit with a big valuation contraction week amid multiple bearish catalysts. The stock sank after the company published its fourth-quarter earnings, and investors broadly sold out of growth-dependent tech stocks following new macroeconomic risks and concerns raised following Nvidia's Q4 report.
Navitas published its fourth-quarter results after the market closed on Monday, posting performance that came in below the market's expectations. The business posted a loss per share of $0.21 on sales of $17.98 million for the period, coming in worse than the average Wall Street analyst estimate for a per-share loss of $0.14 on sales of $19.03 million for the period. Revenue was down 31% compared to the prior-year period.
Source Fool.com
