Playstyle
Ghost Ninja is a Physical Damage DPS guardian.
His base ATK is fairly low among the DPS Immortals. His passive is Critical Hit-based and mainly boosted by reaching immortal level 12. His Execution and Throw skills have multipliers that are only slightly better than Rocket Chu. His ult Guillotine sounds like it is a boss killer move with its 50,000% Physical DMG on one target but Awakened Hailey’s ult actually deals 112,500% damage over its entire duration and has splash.
Ghost Ninja is rather unremarkable until immortal level 12 where he becomes a solid option. Prior to that, he is a really good battery for Chrono Ato as his awakening condition requires 5 Ninjas on the board.
Skills 
Opportunity - Passive
When a skill lands a Critical Hit, Ultimate cooldown is reduced by 2s.
Throw - Skill
After 10 attacks, deals 5000% Physical DMG to enemies in range 4 times.
Execution - Skill (unlocks at level 6)
10% chance to deal 4000% Physical DMG to enemies in range, with an additional 50% chance to activate the skill again. If this skill kills an enemy, the reactivation chance increases by 25%.
Guillotine - Ult, Cooldown
Deals 50000% Physical DMG to a single target, or deals 35000% Physical DMG to all enemies in range with a 50% chance. CRT DMG is increased by 100%.
How to Summon
Sacrifice one Ninja with an 11-combo from Assassinate and 4 additional Ninjas. Combos are counted based on how many times Assassinate reactivates (55% reactivation chance). Ninja’s exclusive treasure Sharp Shuriken further increases the reactivation chance of Assassinate by up to 15%. This seems trivial but when you factor the probabilities of an 11-combo, the max treasure actually increases your chance of Ghost Ninja per Assassinate from 0.14% to 1.98%. That's 14x the treasureless chance. Level 6 exclusive treasure makes it 3.7x and level 9 treasure makes it 7.4x.
On paper, it seems like Shadow Ninja is really easy to summon. You have to summon 5 Ninjas anyway to sacrifice for the immortal form. The cost of 5 Ninjas isn’t super expensive (5 epics, 10 rares). But in practice, it does take some time to get 5 Wolves, 5 Demon Soldiers and 5 Paladins. It helps to choose to summon Ghost Ninja only when you have at least 3 Wolves on the board which you plan to summon Ninjas with.
Additionally, 5 Ninjas out of 18 spots on the board is a lot of space taken up. Ninja is also a Physical DPS and hence needs Defense Reduction on top of the usual stun setup. This means that attempting to summon Shadow Ninja only makes more sense either in early-to-mid game when you've more space or in Hard and God with the Dungeon.
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