Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) Director Sells 75,000 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) Director David Moxam sold 75,000 shares of Navitas Semiconductor stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $2.08, for a total transaction of $156,000.00. Following the sale, the director now owns 792,848 shares in the company, valued at approximately $1,649,123.84. This represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Navitas Semiconductor Stock Performance

NASDAQ:NVTS opened at $2.08 on Friday. Navitas Semiconductor Co. has a 52 week low of $1.52 and a 52 week high of $5.14. The firm’s fifty day moving average is $2.00 and its 200-day moving average is $2.65. The firm has a market cap of $396.30 million, a P/E ratio of -4.95 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same quarter in the previous year, the business earned ($0.06) earnings per share. Navitas Semiconductor’s revenue for the quarter was down 39.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NVTS. Rosenblatt Securities reaffirmed a “buy” rating and set a $4.00 price target on shares of Navitas Semiconductor in a research note on Tuesday, May 6th. Needham & Company LLC decreased their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Morgan Stanley downgraded Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Robert W. Baird reduced their price target on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.46.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE increased its holdings in Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock worth $4,407,000 after purchasing an additional 794,371 shares in the last quarter. Invesco Ltd. increased its stake in shares of Navitas Semiconductor by 22.2% in the 1st 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 in the last quarter. Nuveen LLC bought a new stake in shares of Navitas Semiconductor in the 1st quarter valued at $675,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Navitas Semiconductor during the 4th quarter valued at $1,170,000. Finally, Edge Capital Group LLC bought a new position in Navitas Semiconductor during the fourth quarter worth $987,000. 46.14% of the stock is owned by institutional investors and hedge funds.

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.