Navitas Semiconductor (NASDAQ:NVTS) Shares Down 4.5% Following Insider Selling

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS) traded down 4.5% on Tuesday after an insider sold shares in the company. The stock traded as low as $9.00 and last traded at $9.17. 19,262,104 shares were traded during trading, a decline of 27% from the average session volume of 26,316,264 shares. The stock had previously closed at $9.60.

Specifically, Director Gary Kent Wunderlich, Jr. sold 50,000 shares of the company’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $9.25, for a total value of $462,500.00. Following the sale, the director directly owned 215,264 shares of the company’s stock, valued at $1,991,192. This represents a 18.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Todd Glickman sold 78,307 shares of Navitas Semiconductor stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $9.77, for a total transaction of $765,059.39. Following the transaction, the chief financial officer directly owned 813,279 shares of the company’s stock, valued at approximately $7,945,735.83. This trade represents a 8.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In related news, Director Brian Long sold 48,165 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $8.50, for a total transaction of $409,402.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Wednesday, October 8th. CJS Securities lowered Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a research report on Monday, August 18th. 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 note on Tuesday, November 4th. 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. Finally, Jefferies Financial Group raised Navitas Semiconductor to a “hold” rating in a research note on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $6.48.

Navitas Semiconductor Trading Down 0.5%

The company has a market capitalization of $2.10 billion, a PE ratio of -14.25 and a beta of 3.14. The business’s fifty day moving average is $10.17 and its two-hundred day moving average is $7.89.

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

Institutional Investors Weigh In On Navitas Semiconductor

Several large investors have recently bought and sold shares of NVTS. Cranbrook Wealth Management LLC purchased a new position in Navitas Semiconductor in the 2nd quarter worth about $25,000. Allworth Financial LP raised its holdings in shares of Navitas Semiconductor by 309.4% during the third quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock valued at $26,000 after purchasing an additional 2,698 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Navitas Semiconductor by 189.8% during the second quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock valued at $29,000 after purchasing an additional 2,942 shares during the last quarter. Benjamin Edwards Inc. bought a new position in Navitas Semiconductor during the first quarter valued at approximately $31,000. Finally, ST Germain D J Co. Inc. purchased a new stake in Navitas Semiconductor in the second quarter worth approximately $33,000. 46.14% of the stock is currently owned by institutional investors.

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.