Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down on Insider Selling

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $7.81, but opened at $7.40. Navitas Semiconductor shares last traded at $7.28, with a volume of 11,379,347 shares traded.

Specifically, Director Brian Long sold 473,773 shares of the company’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $8.35, for a total transaction of $3,956,004.55. Following the completion of the sale, the director now 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eugene Sheridan sold 238,668 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $7.50, for a total transaction of $1,790,010.00. Following the sale, the chief executive officer now owns 461,332 shares of the company’s stock, valued at $3,459,990. This trade represents 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 that occurred on Wednesday, June 11th. The shares were sold at an average price of $8.23, for a total transaction of $2,973,762.36. Following the completion of the sale, the chief executive officer now directly owns 600,000 shares of the company’s stock, valued at approximately $4,938,000. This represents a 37.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

NVTS has been the subject of several analyst reports. Robert W. Baird reduced their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley cut Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Rosenblatt Securities upped 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. Finally, Needham & Company LLC reduced their price target on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor presently has an average rating of “Moderate Buy” and an average price target of $3.79.

Navitas Semiconductor Price Performance

The firm has a 50-day moving average of $3.38 and a 200-day moving average of $3.12. The stock has a market cap of $1.40 billion, a PE ratio of -17.43 and a beta of 2.96.

Navitas Semiconductor (NASDAQ:NVTS) last announced 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 business had revenue of $14.02 million during the quarter, compared to analyst estimates 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 revenue was down 39.7% on a year-over-year basis. During the same period last year, the firm posted ($0.06) EPS. Equities analysts forecast that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Institutional Trading of Navitas Semiconductor

Several hedge funds have recently modified their holdings of NVTS. Bank of America Corp DE grew its holdings in shares of Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock valued at $4,407,000 after purchasing an additional 794,371 shares in the last quarter. Invesco Ltd. grew its stake in shares of Navitas Semiconductor by 22.2% in the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock worth $3,751,000 after buying an additional 331,832 shares in the last quarter. Nuveen LLC purchased a new position in shares of Navitas Semiconductor in the 1st quarter worth $675,000. Susquehanna Fundamental Investments LLC purchased a new position in Navitas Semiconductor in the fourth quarter worth about $1,170,000. Finally, Edge Capital Group LLC purchased a new position in Navitas Semiconductor in the fourth quarter worth about $987,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.