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

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s stock price was down 5.7% on Wednesday after an insider sold shares in the company. The stock traded as low as $7.33 and last traded at $7.38. Approximately 11,915,672 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 26,015,598 shares. The stock had previously closed at $7.83.

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

Wall Street Analyst Weigh In

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

Navitas Semiconductor Stock Down 5.7%

The company has a market capitalization of $1.70 billion, a PE ratio of -11.53 and a beta of 3.14. The company has a 50-day moving average price of $10.20 and a two-hundred day moving average price of $7.99.

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

Institutional Trading of Navitas Semiconductor

Several large investors have recently modified their holdings of the business. Cranbrook Wealth Management LLC purchased a new stake in shares of Navitas Semiconductor in the 2nd quarter worth about $25,000. Allworth Financial LP lifted its stake in shares of Navitas Semiconductor by 309.4% in the third quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock worth $26,000 after buying an additional 2,698 shares in the last quarter. NewEdge Advisors LLC lifted its position in Navitas Semiconductor by 189.8% in the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock valued at $29,000 after acquiring an additional 2,942 shares in the last quarter. ST Germain D J Co. Inc. bought a new stake in Navitas Semiconductor in the 2nd quarter worth about $33,000. Finally, CWM LLC lifted its position in Navitas Semiconductor by 24.7% during the third quarter. CWM LLC now owns 4,515 shares of the company’s stock valued at $33,000 after purchasing an additional 893 shares during the period. 46.14% of the stock is owned by 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.