Navitas Semiconductor (NASDAQ:NVTS) Shares Down 4.8% Following Insider Selling

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) fell 4.8% on Friday following insider selling activity. The stock traded as low as $7.21 and last traded at $7.44. 17,431,751 shares traded hands during trading, an increase of 63% from the average session volume of 10,680,628 shares. The stock had previously closed at $7.81.

Specifically, Director Brian Long sold 473,773 shares of the company’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $8.35, for a total value of $3,956,004.55. Following the transaction, the director now directly owns 5,447,218 shares in the company, valued at approximately $45,484,270.30. This represents a 8.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Eugene Sheridan sold 238,668 shares of the company’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $7.50, for a total transaction of $1,790,010.00. Following the completion of the transaction, the chief executive officer now owns 461,332 shares in the company, valued at approximately $3,459,990. The trade was a 34.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Navitas Semiconductor news, CEO Eugene Sheridan sold 361,332 shares of the company’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $8.23, for a total value of $2,973,762.36. Following the transaction, the chief executive officer now directly owns 600,000 shares in the company, valued at $4,938,000. This represents a 37.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on NVTS shares. Morgan Stanley downgraded shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. Needham & Company LLC dropped their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Robert W. Baird dropped their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Finally, Rosenblatt Securities increased their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.79.

Navitas Semiconductor Stock Down 6.3%

The stock’s 50 day moving average price is $3.38 and its 200-day moving average price is $3.12. The stock has a market capitalization of $1.40 billion, a P/E ratio of -17.43 and a beta of 2.96.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of $14.02 million for the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company’s quarterly revenue was down 39.7% on a year-over-year basis. During the same period last year, the firm earned ($0.06) earnings per share. Analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Institutional Trading of Navitas Semiconductor

Several hedge funds and other institutional investors have recently bought and sold shares of NVTS. Goodman Financial Corp bought a new stake in Navitas Semiconductor during the fourth quarter valued at about $36,000. Caption Management LLC bought a new stake in shares of Navitas Semiconductor in the 4th quarter valued at about $36,000. Tower Research Capital LLC TRC boosted its holdings in shares of Navitas Semiconductor by 125.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company’s stock valued at $37,000 after buying an additional 5,726 shares in the last quarter. Steel Grove Capital Advisors LLC bought a new stake in shares of Navitas Semiconductor in the 4th quarter valued at about $39,000. Finally, Cibc World Markets Corp bought a new stake in shares of Navitas Semiconductor in the 4th quarter valued at about $42,000. Institutional investors own 46.14% of the company’s stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company’s products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.