Navitas Semiconductor slides on $125 mln stock offering plans

Navitas Semiconductor's NVTS.O shares down 9% at $20.62 early Tues as it looks to raise equity

Co late Mon said it may sell $125 mln of shares in ATM (at the market) offering to be handled by Craig-Hallum and UBS

NVTS intends to use net proceeds for working capital and other general corporate purposes, including potential acquisitions, according to the SEC filing

Torrance, California-based co designs gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, focusing on AI data centers, energy and grid infrastructure, performance computing and industrial electrification

Prior to the offering, co had ~233.7 mln shares outstanding for about $5 bln market value

Even with the decline, stock up 190% YTD

Of 9 analysts covering the stock, recommendation breakdown is 2 "strong buy" or "buy", 6 "hold" and 1 "sell"; median PT $13.35, per LSEG data