Navitas Semiconductor (NASDAQ:NVTS) Director Dipender Saluja Sells 873,488 Shares of Stock

Navitas Semiconductor Corporation (NASDAQ:NVTS) 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 transaction of $7,075,252.80. Following the sale, the director directly owned 4,755,536 shares of the company’s stock, valued at approximately $38,519,841.60. The trade was a 15.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Dipender Saluja also recently made the following trade(s):

• On Friday, December 12th, Dipender Saluja sold 315,396 shares of Navitas Semiconductor stock. The stock was sold at an average price of $8.65, for a total transaction of $2,728,175.40.

Navitas Semiconductor Stock Down 1.6%

Shares of NASDAQ NVTS traded down $0.13 during trading hours on Tuesday, hitting $7.83. 10,696,141 shares of the stock were exchanged, compared to its average volume of 26,074,301. Navitas Semiconductor Corporation has a 12 month low of $1.52 and a 12 month high of $17.79. The firm has a fifty day moving average price of $10.20 and a 200-day moving average price of $7.97. The company has a market cap of $1.80 billion, a PE ratio of -12.23 and a beta of 3.14.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Monday, November 3rd. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $10.11 million during the quarter, compared to the consensus estimate of $10.00 million. Navitas Semiconductor had a negative net margin of 220.85% and a negative return on equity of 14.86%. Navitas Semiconductor’s revenue was down 53.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) earnings per share. As a group, equities analysts anticipate that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on NVTS. Rosenblatt Securities reaffirmed a “neutral” rating and set a $8.00 target price on shares of Navitas Semiconductor in a research report on Monday, November 10th. Needham & Company LLC increased their price objective on shares of Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Wednesday, October 8th. CJS Securities lowered shares of Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a research note on Monday, August 18th. Finally, Jefferies Financial Group upgraded shares of Navitas Semiconductor to a “hold” rating in a research note on Tuesday, October 28th. Two equities research 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.48.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Allworth Financial LP raised its stake in shares of Navitas Semiconductor by 309.4% during the 3rd quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock worth $26,000 after buying an additional 2,698 shares during the period. Cantor Fitzgerald L. P. increased its holdings in Navitas Semiconductor by 62.0% in the 3rd quarter. Cantor Fitzgerald L. P. now owns 90,150 shares of the company’s stock worth $651,000 after acquiring an additional 34,504 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in Navitas Semiconductor by 74.3% during the third quarter. CIBC Private Wealth Group LLC now owns 17,598 shares of the company’s stock worth $127,000 after acquiring an additional 7,500 shares during the period. CIBC Bancorp USA Inc. purchased a new position in Navitas Semiconductor during the third quarter valued at $103,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Navitas Semiconductor in the third quarter valued at about $360,000. Hedge funds and other institutional investors 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.