Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 5% Following Insider Selling

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s stock price was down 5% during trading on Monday after an insider sold shares in the company. The stock traded as low as $8.27 and last traded at $8.30. Approximately 13,852,486 shares were traded during trading, a decline of 48% from the average daily volume of 26,544,779 shares. The stock had previously closed at $8.74.

Specifically, Director Brian Long sold 1,493,046 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $8.54, for a total value of $12,750,612.84. Following the completion of the transaction, the director directly owned 222,349 shares of the company’s stock, valued at approximately $1,898,860.46. This represents a 87.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NVTS. Needham & Company LLC upped their price target on Navitas Semiconductor from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Craig Hallum lowered shares of Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $6.00 target price on the stock. in a report on Tuesday, August 5th. Rosenblatt Securities reissued a “neutral” rating and set a $8.00 price target on shares of Navitas Semiconductor in a report on Monday, November 10th. CJS Securities lowered shares of Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a research report on Monday, August 18th. Finally, Jefferies Financial Group raised 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 given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.48.

Navitas Semiconductor Stock Up 0.2%

The company has a market cap of $1.92 billion, a P/E ratio of -13.00 and a beta of 3.14. The business has a 50-day moving average price of $9.89 and a two-hundred day moving average price of $7.67.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly 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). The business had revenue of $10.11 million for the quarter, compared to analysts’ expectations of $10.00 million. Navitas Semiconductor had a negative return on equity of 14.86% and a negative net margin of 220.85%.The firm’s quarterly revenue was down 53.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) earnings per share. As a group, sell-side analysts expect that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Allworth Financial LP raised its stake 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 worth $26,000 after buying an additional 2,698 shares during the last quarter. Cranbrook Wealth Management LLC acquired a new stake in Navitas Semiconductor during the 2nd quarter worth $25,000. NewEdge Advisors LLC grew its holdings in Navitas Semiconductor by 189.8% during the 2nd quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock worth $29,000 after acquiring an additional 2,942 shares during the period. CWM LLC raised its position in shares of Navitas Semiconductor by 24.7% during the 3rd quarter. CWM LLC now owns 4,515 shares of the company’s stock valued at $33,000 after acquiring an additional 893 shares during the last quarter. Finally, ST Germain D J Co. Inc. acquired a new position in shares of Navitas Semiconductor in the 2nd quarter valued at $33,000. 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.