Insider Selling: Navitas Semiconductor (NASDAQ:NVTS) Director Sells $727,503.25 in Stock

Navitas Semiconductor Corporation (NASDAQ:NVTS) Director Gary Kent Wunderlich, Jr. sold 78,649 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $9.25, for a total transaction of $727,503.25. Following the sale, the director directly owned 136,615 shares in the company, valued at $1,263,688.75. This trade represents a 36.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Navitas Semiconductor Price Performance

NVTS stock opened at $8.59 on Monday. The company has a 50 day moving average price of $10.21 and a 200 day moving average price of $7.95. Navitas Semiconductor Corporation has a fifty-two week low of $1.52 and a fifty-two week high of $17.79. The stock has a market capitalization of $1.98 billion, a PE ratio of -13.42 and a beta of 3.14.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, November 3rd. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $10.11 million during the quarter, compared to analysts’ expectations of $10.00 million. Navitas Semiconductor had a negative return on equity of 14.86% and a negative net margin of 220.85%.The business’s revenue for the quarter was down 53.4% on a year-over-year basis. During the same period last year, the firm earned ($0.10) EPS. As a group, equities analysts expect that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC acquired a new position in shares of Navitas Semiconductor during the second quarter worth about $385,000. Cornerstone Investment Partners LLC acquired a new stake in Navitas Semiconductor in the 2nd quarter valued at approximately $461,000. Geode Capital Management LLC lifted its stake in Navitas Semiconductor by 3.9% in the 2nd quarter. Geode Capital Management LLC now owns 3,340,193 shares of the company’s stock valued at $21,882,000 after acquiring an additional 124,594 shares in the last quarter. Hsbc Holdings PLC boosted its position in Navitas Semiconductor by 980.4% during the 1st quarter. Hsbc Holdings PLC now owns 158,566 shares of the company’s stock worth $323,000 after acquiring an additional 143,890 shares during the last quarter. Finally, SCS Capital Management LLC acquired a new stake in shares of Navitas Semiconductor in the first quarter valued at approximately $567,000. 46.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on NVTS shares. Rosenblatt Securities restated a “neutral” rating and set a $8.00 target price on shares of Navitas Semiconductor in a research report on Monday, November 10th. Jefferies Financial Group upgraded shares of Navitas Semiconductor to a “hold” rating in a report on Tuesday, October 28th. Needham & Company LLC lifted their target price on shares of Navitas Semiconductor from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. CJS Securities cut shares of Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a research report on Monday, August 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.48.

Navitas Semiconductor Company Profile

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.