Richard J. Hendrix Sells 20,000 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Richard J. Hendrix sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $8.12, for a total value of $162,400.00. Following the sale, the director now directly owns 45,456 shares of the company’s stock, valued at $369,102.72. This trade represents a 30.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Navitas Semiconductor Stock Down 6.3%

Shares of Navitas Semiconductor stock opened at $7.32 on Friday. Navitas Semiconductor Co. has a 12-month low of $1.52 and a 12-month high of $9.17. The stock has a 50 day moving average price of $3.38 and a two-hundred day moving average price of $3.12. The stock has a market capitalization of $1.40 billion, a P/E ratio of -17.43 and a beta of 2.96.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $14.01 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. Navitas Semiconductor’s revenue for the quarter was down 39.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.06) earnings per share. Sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. SCS Capital Management LLC bought a new stake in Navitas Semiconductor during the first quarter valued at about $567,000. Hsbc Holdings PLC lifted its position in shares of Navitas Semiconductor by 980.4% during the 1st quarter. Hsbc Holdings PLC now owns 158,566 shares of the company’s stock worth $323,000 after purchasing an additional 143,890 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Navitas Semiconductor by 650.6% during the 1st quarter. American Century Companies Inc. now owns 117,873 shares of the company’s stock worth $242,000 after purchasing an additional 102,169 shares during the last quarter. Nuveen LLC bought a new stake in Navitas Semiconductor during the 1st quarter valued at approximately $675,000. Finally, Invesco Ltd. grew its holdings in 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 buying an additional 331,832 shares during the last quarter. Institutional investors and hedge funds 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.