Navitas Semiconductor (NASDAQ:NVTS) Shares Down 7.3% on Insider Selling

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s stock price was down 7.3% on Monday after an insider sold shares in the company. The company traded as low as $7.94 and last traded at $7.96. Approximately 18,767,600 shares were traded during trading, a decline of 28% from the average daily volume of 26,138,143 shares. The stock had previously closed at $8.59.

Specifically, Director Gary Kent Wunderlich, Jr. sold 49,651 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $9.31, for a total value of $462,250.81. Following the transaction, the director owned 86,964 shares in the company, valued at approximately $809,634.84. This trade represents a 36.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary Kent Wunderlich, Jr. sold 78,649 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $9.25, for a total transaction of $727,503.25. Following the sale, the director owned 136,615 shares in the company, valued at $1,263,688.75. The trade was a 36.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In other news, 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 transaction, the director directly owned 215,264 shares in the company, valued at approximately $1,991,192. The trade was a 18.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Ratings Changes

NVTS has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Wednesday, October 8th. CJS Securities downgraded Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a report on Monday, August 18th. Rosenblatt Securities reiterated a “neutral” rating and issued a $8.00 price target on shares of Navitas Semiconductor in a research note on Monday, November 10th. Needham & Company LLC upped their price objective on Navitas Semiconductor from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, Jefferies Financial Group raised Navitas Semiconductor to a “hold” rating in a research note on Tuesday, October 28th. 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 stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $6.48.

Navitas Semiconductor Price Performance

The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of -12.44 and a beta of 3.14. The firm’s fifty day moving average price is $10.20 and its 200-day moving average price is $7.97.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $10.11 million for the quarter, compared to analyst estimates of $10.00 million. Navitas Semiconductor had a negative return on equity of 14.86% and a negative net margin of 220.85%.Navitas Semiconductor’s quarterly revenue was down 53.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) EPS. On average, research analysts predict that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NVTS. Vanguard Group Inc. boosted its position in Navitas Semiconductor by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company’s stock worth $20,495,000 after buying an additional 123,598 shares during the period. Invesco Ltd. raised its stake in shares of Navitas Semiconductor by 22.2% during the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock valued at $3,751,000 after acquiring an additional 331,832 shares during the last quarter. Nuveen LLC acquired a new position in shares of Navitas Semiconductor during the first quarter worth $675,000. American Century Companies Inc. grew its stake in shares of Navitas Semiconductor by 650.6% in the first quarter. American Century Companies Inc. now owns 117,873 shares of the company’s stock worth $242,000 after purchasing an additional 102,169 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Navitas Semiconductor by 980.4% in the first quarter. Hsbc Holdings PLC now owns 158,566 shares of the company’s stock valued at $323,000 after purchasing an additional 143,890 shares during the period. 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.