Navitas Semiconductor (NASDAQ:NVTS) Shares Down 5.7% After Insider Selling

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s stock price traded down 5.7% on Wednesday following insider selling activity. The stock traded as low as $7.33 and last traded at $7.38. 11,915,672 shares were traded during mid-day trading, a decline of 54% from the average session volume of 26,015,598 shares. The stock had previously closed at $7.83.

Specifically, Director Dipender Saluja sold 873,488 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $8.10, for a total value of $7,075,252.80. Following the completion of the sale, the director owned 4,755,536 shares in the company, valued at approximately $38,519,841.60. This trade represents a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dipender Saluja sold 315,396 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $8.65, for a total value of $2,728,175.40. Following the transaction, the director owned 5,629,024 shares of the company’s stock, valued at $48,691,057.60. This trade represents a 5.31% decrease in their position. The SEC filing for this sale provides additional information. In other Navitas Semiconductor news, Director Ranbir Singh sold 179,354 shares of the stock in a transaction on Friday, December 12th. The stock was sold at an average price of $8.68, for a total transaction of $1,556,792.72. Following the completion of the transaction, the director directly owned 389,096 shares in the company, valued at $3,377,353.28. This represents a 31.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of Navitas Semiconductor to a “hold” rating in a report on Tuesday, October 28th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Navitas Semiconductor in a research note on Monday, November 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Wednesday, October 8th. Finally, Needham & Company LLC lifted their price objective on Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $6.48.

Navitas Semiconductor Stock Performance

The company has a market cap of $1.70 billion, a price-to-earnings ratio of -11.53 and a beta of 3.14. The firm’s 50-day moving average price is $10.20 and its 200 day moving average price is $7.99.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, November 3rd. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Navitas Semiconductor had a negative net margin of 220.85% and a negative return on equity of 14.86%. The firm had revenue of $10.11 million during the quarter, compared to analyst estimates of $10.00 million. During the same quarter in the previous year, the business earned ($0.10) EPS. The business’s quarterly revenue was down 53.4% compared to the same quarter last year. As a group, equities research analysts predict that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Institutional Trading of Navitas Semiconductor

Several hedge funds have recently added to or reduced their stakes in NVTS. CWM LLC grew its stake in Navitas Semiconductor by 24.7% in the third quarter. CWM LLC now owns 4,515 shares of the company’s stock valued at $33,000 after acquiring an additional 893 shares during the period. Strategic Blueprint LLC lifted its position in shares of Navitas Semiconductor by 6.5% in the third quarter. Strategic Blueprint LLC now owns 15,426 shares of the company’s stock worth $111,000 after purchasing an additional 937 shares in the last quarter. Prospera Financial Services Inc boosted its holdings in Navitas Semiconductor by 3.8% during the third quarter. Prospera Financial Services Inc now owns 30,285 shares of the company’s stock worth $219,000 after purchasing an additional 1,120 shares during the last quarter. Captrust Financial Advisors increased its stake in Navitas Semiconductor by 3.8% in the 2nd quarter. Captrust Financial Advisors now owns 45,758 shares of the company’s stock valued at $300,000 after buying an additional 1,667 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its position in Navitas Semiconductor by 20.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,678 shares of the company’s stock worth $90,000 after buying an additional 2,352 shares in 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.