Navitas Semiconductor (NASDAQ:NVTS) Shares Down 6% on Insider Selling

Navitas Semiconductor Co. (NASDAQ:NVTS) shares fell 6% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $4.05 and last traded at $4.09. 7,386,199 shares traded hands during trading, an increase of 141% from the average session volume of 3,068,094 shares. The stock had previously closed at $4.35.

Specifically, Director Richard J. Hendrix sold 40,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the sale, the director now owns 316,709 shares in the company, valued at approximately $1,437,858.86. This represents a 11.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard J. Hendrix sold 80,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the completion of the transaction, the director now directly owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. This trade represents a 18.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

NVTS has been the subject of a number of recent research reports. Robert W. Baird dropped their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Craig Hallum reduced their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $7.50 target price on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Stock Down 11.8 %

The business’s fifty day moving average is $2.61 and its 200-day moving average is $3.17. The stock has a market capitalization of $672.47 million, a PE ratio of -8.57 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.10) EPS. As a group, sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

Large investors have recently modified their holdings of the company. Benjamin Edwards Inc. purchased a new stake in shares of Navitas Semiconductor during the 3rd quarter worth about $36,000. Bleakley Financial Group LLC purchased a new stake in Navitas Semiconductor during the third quarter worth approximately $41,000. GSA Capital Partners LLP acquired a new stake in shares of Navitas Semiconductor in the third quarter worth $44,000. DRW Securities LLC purchased a new position in shares of Navitas Semiconductor in the 2nd quarter valued at $46,000. Finally, Wedbush Securities Inc. acquired a new position in shares of Navitas Semiconductor during the 2nd quarter valued at $49,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.