Navitas Semiconductor Corporation (NASDAQ:NVTS – Get Free Report) was down 5.7% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $7.33 and last traded at $7.38. Approximately 11,915,672 shares were traded during 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 company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $8.10, for a total value of $7,075,252.80. Following the sale, the director owned 4,755,536 shares in the company, valued at approximately $38,519,841.60. The trade was a 15.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dipender Saluja sold 315,396 shares of the firm’s stock in a transaction dated 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 ownership of the stock. The SEC filing for this sale provides additional information. In related news, Director Ranbir Singh sold 179,354 shares of the company’s stock in a transaction that occurred 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Analysts Set New Price Targets
Several research analysts have issued reports on NVTS shares. Rosenblatt Securities restated a “neutral” rating and set a $8.00 price target on shares of Navitas Semiconductor in a report on Monday, November 10th. Needham & Company LLC upped their price objective on shares of Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group upgraded shares of Navitas Semiconductor to a “hold” rating in a report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Navitas Semiconductor has an average rating of “Hold” and an average price target of $6.48.
Navitas Semiconductor Trading Down 0.1%
The company has a market cap of $1.70 billion, a price-to-earnings ratio of -11.52 and a beta of 3.14. The firm’s 50-day moving average price is $10.18 and its 200 day moving average price is $7.98.
Navitas Semiconductor (NASDAQ:NVTS – Get Free Report) last released its earnings results on Monday, November 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $10.11 million for 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 quarterly revenue was down 53.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.10) EPS. Analysts forecast that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Navitas Semiconductor
Several institutional investors have recently made changes to their positions in the stock. Cranbrook Wealth Management LLC acquired a new stake in shares of Navitas Semiconductor in the 2nd quarter valued at about $25,000. Allworth Financial LP raised its stake in 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. NewEdge Advisors LLC boosted its holdings in Navitas Semiconductor by 189.8% in the second quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock worth $29,000 after acquiring an additional 2,942 shares in the last quarter. ST Germain D J Co. Inc. acquired a new stake in Navitas Semiconductor in the second quarter valued at approximately $33,000. Finally, CWM LLC increased its holdings in shares of 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 acquiring an additional 893 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.
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