Ranbir Singh Sells 179,354 Shares of Navitas Semiconductor (NASDAQ:NVTS) Stock

Navitas Semiconductor Corporation (NASDAQ:NVTS) Director Ranbir Singh sold 179,354 shares of Navitas Semiconductor stock in a transaction that occurred on Friday, December 12th. The shares were 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 approximately $3,377,353.28. The trade was a 31.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Navitas Semiconductor Stock Down 5.7%

Navitas Semiconductor stock opened at $7.38 on Thursday. The firm has a market cap of $1.70 billion, a P/E ratio of -11.53 and a beta of 3.14. The business has a fifty day moving average of $10.20 and a two-hundred day moving average of $7.99. Navitas Semiconductor Corporation has a twelve month low of $1.52 and a twelve month high of $17.79.

Navitas Semiconductor (NASDAQ:NVTS) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $10.11 million during 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%.The business’s revenue for the quarter was down 53.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) EPS. Equities analysts expect that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on NVTS shares. Jefferies Financial Group upgraded shares of Navitas Semiconductor to a “hold” rating in a report on Tuesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Wednesday, October 8th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $8.00 price target on shares of Navitas Semiconductor in a research report on Monday, November 10th. Finally, Needham & Company LLC raised 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. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $6.48.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Cranbrook Wealth Management LLC purchased a new stake in shares of Navitas Semiconductor during the second quarter valued at $25,000. Allworth Financial LP raised its stake in Navitas Semiconductor by 309.4% in the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock worth $26,000 after acquiring an additional 2,698 shares during the last quarter. NewEdge Advisors LLC lifted its position in Navitas Semiconductor by 189.8% during the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock worth $29,000 after acquiring an additional 2,942 shares during the period. ST Germain D J Co. Inc. acquired a new stake in Navitas Semiconductor during the 2nd quarter worth about $33,000. Finally, CWM LLC grew its stake in Navitas Semiconductor by 24.7% during the 3rd quarter. CWM LLC now owns 4,515 shares of the company’s stock valued at $33,000 after purchasing an additional 893 shares during 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.