Navitas Semiconductor Corp's stock plummeted 9.81% intraday, extending recent declines as the company faces multiple headwinds including insider selling and disappointing financial results.

The decline was driven by a combination of factors including significant share sales by a company director, which added to selling pressure from investors taking profits after the stock's massive 75% rally throughout May. This profit-taking momentum has been unwinding since late May when the stock experienced a single-day drop exceeding 9%.

Fundamentally, the company reported weak first-quarter results with EPS loss widening 66.7% year-over-year to -$0.15, gross margin declining to 37.6%, and revenue falling 38.66% year-over-year. Additionally, the planned issuance of up to $125 million in Class A common shares continues to pose dilution risk, further suppressing market sentiment.