Navitas Semiconductor (NASDAQ:NVTS) Shares Down 4.5% Following Insider Selling

Navitas Semiconductor Corporation (NASDAQ:NVTS) dropped 4.5% during trading on Tuesday following insider selling activity. The stock traded as low as $9.00 and last traded at $9.17. Approximately 19,262,104 shares changed hands during trading, a decline of 27% from the average daily volume of 26,316,264 shares. The stock had previously closed at $9.60.

Specifically, Director Gary Kent Wunderlich, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $9.25, for a total value of $462,500.00. Following the completion of the sale, the director directly owned 215,264 shares of the company’s stock, valued at $1,991,192. The trade was a 18.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Todd Glickman sold 78,307 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $9.77, for a total transaction of $765,059.39. Following the transaction, the chief financial officer owned 813,279 shares in the company, valued at $7,945,735.83. This represents a 8.78% decrease in their position. The SEC filing for this sale provides additional information. In related news, Director Brian Long sold 48,165 shares of the company’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $8.50, for a total value of $409,402.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

NVTS has been the topic of several recent research reports. CJS Securities lowered Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a report on Monday, August 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Wednesday, October 8th. Rosenblatt Securities restated a “neutral” rating and issued a $8.00 target price on shares of Navitas Semiconductor in a report on Monday, November 10th. Needham & Company LLC increased their price target on Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Finally, Jefferies Financial Group raised shares of Navitas Semiconductor to a “hold” rating in a research report on Tuesday, October 28th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $6.48.

Navitas Semiconductor Stock Performance

The company has a market capitalization of $2.11 billion, a P/E ratio of -14.33 and a beta of 3.14. The company has a 50-day simple moving average of $10.13 and a 200 day simple moving average of $7.88.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $10.11 million for the quarter, compared to the consensus estimate of $10.00 million. Navitas Semiconductor had a negative net margin of 220.85% and a negative return on equity of 14.86%. Navitas Semiconductor’s quarterly revenue was down 53.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.10) earnings per share. As a group, sell-side analysts forecast that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NVTS. Vanguard Group Inc. grew its position in Navitas Semiconductor by 23.6% during the third quarter. Vanguard Group Inc. now owns 13,360,648 shares of the company’s stock worth $96,464,000 after buying an additional 2,550,613 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Navitas Semiconductor during the 3rd quarter worth approximately $11,243,000. BNP Paribas Financial Markets grew its holdings in shares of Navitas Semiconductor by 1,332.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,604,538 shares of the company’s stock worth $10,510,000 after purchasing an additional 1,492,512 shares in the last quarter. Invesco Ltd. increased its position in shares of Navitas Semiconductor by 75.2% during the second quarter. Invesco Ltd. now owns 3,206,008 shares of the company’s stock valued at $20,999,000 after purchasing an additional 1,376,205 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Navitas Semiconductor by 1,742.4% in the second quarter. JPMorgan Chase & Co. now owns 1,428,386 shares of the company’s stock valued at $9,356,000 after purchasing an additional 1,350,857 shares in the last quarter. 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.