BUZZ-Navitas Semiconductor tumbles after downbeat Q4 rev forecast

Reuters11-05

** Navitas Semiconductor's share slump 16.5% to $2.18 premarket

** NVTS set to open at an all-time low, if losses hold

** Co sees Q4 rev of $18-$20 mln, below analysts estimates of ~$24 mln - LSEG

** NVTS's Q3 loss in line with estimates, while revenue falls slightly more than expected

** Co says to cut 14% jobs, or 45 employees, as part of cost cuts to save $2 mln/qtr and to streamline focus on AI data centers, EV and mobile applications

** Morgan Stanley says NVTS has been undeniably impacted by market volatility, including due to intense competition, substantial price reduction

** Six of nine analysts covering NVTS rated it "buy" or higher, 3 "hold"; median PT is $5 -LSEG data

** As of last close, stock down ~68% YTD

(Reporting by Ragini Mathur)

((Ragini.Mathur@thomsonreuters.com;))

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