Navitas Semiconductor Corp's stock plummeted 5.46% during intraday trading on Friday, contrasting with gains in the broader semiconductor sector.

The decline reflects continued profit-taking pressure following an extraordinary rally where the stock surged over 75% cumulatively since May 20. This selling momentum follows a sharp single-day pullback exceeding 9% that occurred earlier in the week.

Fundamentally, the company faces significant challenges with its Q1 results showing an EPS loss widening by 66.7% year-over-year to -$0.15, gross margin declining to 37.6%, and revenue falling 38.66% compared to the prior year. Additionally, the planned issuance of up to $125 million in Class A common shares continues to weigh on investor sentiment due to potential equity dilution concerns.