Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 5.7% Following Insider Selling

Navitas Semiconductor Corporation (NASDAQ:NVTS) fell 5.7% on Wednesday following insider selling activity. The stock traded as low as $7.33 and last traded at $7.38. 11,915,672 shares changed hands during trading, a decline of 54% from the average session volume of 26,015,598 shares. The stock had previously closed at $7.83.

Specifically, Director Dipender Saluja sold 873,488 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $8.10, for a total transaction of $7,075,252.80. Following the transaction, the director directly owned 4,755,536 shares in the company, valued at approximately $38,519,841.60. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dipender Saluja sold 315,396 shares of the stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $8.65, for a total transaction of $2,728,175.40. Following the completion of the sale, the director owned 5,629,024 shares of the company’s stock, valued at approximately $48,691,057.60. The trade was a 5.31% decrease in their position. The disclosure for this sale is available in the SEC filing. In other news, Director Ranbir Singh sold 179,354 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $8.68, for a total transaction of $1,556,792.72. Following the transaction, the director directly owned 389,096 shares in the company, valued at $3,377,353.28. The trade was a 31.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

NVTS has been the subject of several recent research reports. Jefferies Financial Group raised Navitas Semiconductor to a “hold” rating in a report on Tuesday, October 28th. Needham & Company LLC upped their target price on Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Wednesday, October 8th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $8.00 price objective on shares of Navitas Semiconductor in a research report on Monday, November 10th. Two equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $6.48.

Navitas Semiconductor Stock Down 5.7%

The stock has a 50-day simple moving average of $10.20 and a 200 day simple moving average of $7.99. The company has a market cap of $1.70 billion, a PE ratio of -11.53 and a beta of 3.14.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results 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 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 company’s revenue was down 53.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) EPS. As a group, research analysts anticipate that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. CWM LLC raised its stake in shares of Navitas Semiconductor by 24.7% in the 3rd quarter. CWM LLC now owns 4,515 shares of the company’s stock valued at $33,000 after acquiring an additional 893 shares during the period. Strategic Blueprint LLC boosted its position in shares of Navitas Semiconductor by 6.5% during the 3rd quarter. Strategic Blueprint LLC now owns 15,426 shares of the company’s stock worth $111,000 after purchasing an additional 937 shares during the period. Prospera Financial Services Inc increased its holdings in Navitas Semiconductor by 3.8% in the 3rd quarter. Prospera Financial Services Inc now owns 30,285 shares of the company’s stock valued at $219,000 after purchasing an additional 1,120 shares during the last quarter. Captrust Financial Advisors raised its position in Navitas Semiconductor by 3.8% in the second quarter. Captrust Financial Advisors now owns 45,758 shares of the company’s stock valued at $300,000 after purchasing an additional 1,667 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its stake in Navitas Semiconductor by 20.8% during the second quarter. Ameritas Investment Partners Inc. now owns 13,678 shares of the company’s stock worth $90,000 after purchasing an additional 2,352 shares in the last quarter. Hedge funds and other institutional investors own 46.14% of the company’s stock.

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.