On July 24, Navitas Semiconductor Corp fell 8.02% in regular trading, trading at $11.085/share, with turnover of $33.81 million.
The decline was driven by a confluence of negative factors ahead of the company's earnings report scheduled for July 27. Market consensus expects quarterly revenue to decline approximately 30.65% year-over-year, with per-share losses widening to -$0.10. Additionally, a pending patent infringement lawsuit filed by Wolfspeed — alleging that a broad range of Navitas products including GaNFast, GaNSlim, GaNSafe families and GeneSiC MOSFETs infringe multiple patents — continues to weigh on sentiment.
While the company simultaneously announced a strategic partnership with MagnaChip Semiconductor for Genesic SiC technology licensing targeting 1200V to 3300V and above devices, the positive development failed to offset broader selling pressure from sector-wide weakness and earnings uncertainty.
Within the Semiconductors sector, stocks declined broadly: Micron Technology down 6.58%, SK hynix down 6.80%, Intel down 3.71%, Advanced Micro Devices down 2.81%, and NVIDIA down 0.49%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)