Navitas Semiconductor (NASDAQ:NVTS) Trading Down 5.4% Following Insider Selling

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) were down 5.4% on Thursday after an insider sold shares in the company. The stock traded as low as $6.19 and last traded at $6.42. Approximately 31,692,680 shares changed hands during trading, an increase of 263% from the average daily volume of 8,726,344 shares. The stock had previously closed at $6.78.

Specifically, Director Ranbir Singh sold 16,377 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $6.43, for a total value of $105,304.11. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ranbir Singh sold 2,000,000 shares of the business’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $6.76, for a total value of $13,520,000.00. Following the completion of the sale, the director now owns 22,390,042 shares in the company, valued at approximately $151,356,683.92. The trade was a 8.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director Richard J. Hendrix sold 50,000 shares of the business’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $6.33, for a total transaction of $316,500.00. Following the sale, the director now directly owns 104,792 shares in the company, valued at approximately $663,333.36. The trade was a 32.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NVTS shares. Morgan Stanley lowered Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Rosenblatt Securities boosted their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. Robert W. Baird decreased their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Finally, Needham & Company LLC decreased their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Navitas Semiconductor presently has a consensus rating of “Moderate Buy” and an average target price of $3.79.

Navitas Semiconductor Stock Performance

The firm has a market capitalization of $1.19 billion, a P/E ratio of -14.71 and a beta of 2.96. The business has a 50 day simple moving average of $2.79 and a two-hundred day simple moving average of $2.94.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). The business had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The company’s quarterly revenue was down 39.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.06) EPS. On average, equities analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

Institutional investors have recently added to or reduced their stakes in the business. Northern Trust Corp increased its stake in Navitas Semiconductor by 9.5% in the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock worth $4,319,000 after acquiring an additional 104,906 shares during the last quarter. Bank of America Corp DE increased its stake in Navitas Semiconductor by 180.5% in the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock worth $4,407,000 after acquiring an additional 794,371 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Navitas Semiconductor in the 4th quarter worth about $52,000. Bank of New York Mellon Corp increased its stake in Navitas Semiconductor by 27.6% in the 4th quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company’s stock worth $1,780,000 after acquiring an additional 107,828 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in Navitas Semiconductor by 72.8% in the 4th quarter. Deutsche Bank AG now owns 121,203 shares of the company’s stock worth $433,000 after acquiring an additional 51,045 shares during the last quarter. 46.14% of the stock is currently owned by institutional investors.

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.