Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 6.4% Following Insider Selling

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s stock price was down 6.4% on Friday after an insider sold shares in the company. The company traded as low as $8.45 and last traded at $8.59. Approximately 14,222,530 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 26,163,230 shares. The stock had previously closed at $9.18.

Specifically, Director Gary Kent Wunderlich, Jr. sold 49,651 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $9.31, for a total transaction of $462,250.81. Following the transaction, the director owned 86,964 shares of the company’s stock, valued at $809,634.84. This represents a 36.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gary Kent Wunderlich, Jr. sold 78,649 shares of the company’s stock in a transaction dated 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 approximately $1,263,688.75. This trade represents a 36.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other Navitas Semiconductor news, Director Gary Kent Wunderlich, Jr. sold 50,000 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $9.25, for a total transaction of $462,500.00. Following the completion of the transaction, the director owned 215,264 shares in the company, valued at $1,991,192. This trade represents a 18.85% 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 link.

Wall Street Analyst Weigh In

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

Navitas Semiconductor Trading Down 6.4%

The business’s fifty day moving average price is $10.21 and its 200-day moving average price is $7.94. The company has a market capitalization of $1.98 billion, a P/E ratio of -13.42 and a beta of 3.14.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm 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 for the quarter was down 53.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) EPS. As a group, equities research analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Navitas Semiconductor by 1.3% during the first quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company’s stock valued at $20,495,000 after buying an additional 123,598 shares during the last quarter. Benjamin Edwards Inc. bought a new position in Navitas Semiconductor during the 1st quarter worth approximately $31,000. Invesco Ltd. increased its stake in Navitas Semiconductor by 22.2% in the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock worth $3,751,000 after purchasing an additional 331,832 shares during the period. Nuveen LLC bought a new stake in Navitas Semiconductor in the first quarter valued at approximately $675,000. Finally, American Century Companies Inc. boosted its stake in shares of Navitas Semiconductor by 650.6% during the first quarter. American Century Companies Inc. now owns 117,873 shares of the company’s stock valued at $242,000 after purchasing an additional 102,169 shares during the period. Hedge funds and other 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.