15 Worst 52-Week Low Stocks to Buy Now According to Short Sellers

4. Navitas Semiconductor Corp (NASDAQ:NVTS)

52 Week Range: $2.2 – $8.4

Current Share Price: $2.4

Short % of Shares Outstanding: 15.21%

Number of Hedge Funds holding stakes as of Q2 2024: 15

Navitas Semiconductor Corp (NASDAQ:NVTS) is a semiconductor company that designs, develops, and markets integrated circuits associated with high-speed silicon system controllers and digital isolators for power conversion and charging. Its product is mostly used in mobile, consumer, data center, solar, electric vehicle, and industrial motor drive.

Navitas Semiconductor Corp (NASDAQ:NVTS) is growing its footprint in the A.I. data centers and electric vehicle sectors, boasting over 200 client projects and a string of design victories. The firm expects to see its initial Gann EV income by the year’s end. Even with a dip in the solar sector, Navitas is moving forward, with over 100 projects underway.

The stock has been under pressure for the better part of the year owing to growing concerns about consumer spending on the company’s core products. Additionally, the company faces stiff competition from Chinese companies amid mixed messages from the auto industry.

In addition, Navitas Semiconductor Corp (NASDAQ:NVTS)’s sentiments on Wall Street have taken a significant hit in the aftermath of management shake-ups. Confirming that current CFO and Treasurer Janet Chou is poised to step down in October is increasingly sending jitters. The company has had to state that the exit of the current CFO is not related to financial statements or disclosures.

While the company delivered a 40% year-over-year increase in revenue in Q2 2024 to $20.5 million attributed to its gallium nitride, it struggled to post a profit. Consequently, it reported an operating net loss of $13.3 million.’

As Navitas tries to navigate its financial health and management transition, short interest in the stock has increased to 15.21%. By the end of June, 15 funds held long positions in Navitas Semiconductor Corp (NASDAQ:NVTS), an increase from 11 in the previous quarter.