Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 4.4% on Insider Selling

Navitas Semiconductor Corporation (NASDAQ:NVTS)’s share price traded down 4.4% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $6.60 and last traded at $6.88. 19,000,528 shares changed hands during mid-day trading, an increase of 72% from the average session volume of 11,068,664 shares. The stock had previously closed at $7.19.

Specifically, CFO Todd Glickman sold 100,000 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $8.00, for a total value of $800,000.00. Following the completion of the transaction, the chief financial officer now owns 134,501 shares of the company’s stock, valued at approximately $1,076,008. This represents a 42.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian Long sold 473,773 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $8.35, for a total transaction of $3,956,004.55. Following the completion of the transaction, the director now directly owns 5,447,218 shares of the company’s stock, valued at $45,484,270.30. This trade represents a 8.00% decrease in their position. The disclosure for this sale can be found here. In other news, CEO Eugene Sheridan sold 238,668 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $7.50, for a total value of $1,790,010.00. Following the completion of the transaction, the chief executive officer now owns 461,332 shares of the company’s stock, valued at approximately $3,459,990. This represents a 34.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley cut shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Deutsche Bank Aktiengesellschaft downgraded Navitas Semiconductor from a “buy” rating to a “hold” rating and set a $3.50 price objective for the company. in a research note on Tuesday. Rosenblatt Securities upped their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. Needham & Company LLC lowered their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Finally, Robert W. Baird lowered their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3.71.

Navitas Semiconductor Stock Up 2.0%

The company has a 50 day moving average price of $3.70 and a 200-day moving average price of $3.21. The company has a market cap of $1.34 billion, a price-to-earnings ratio of -13.46 and a beta of 2.96.

Navitas Semiconductor (NASDAQ:NVTS) last announced its earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The business had revenue of $14.02 million for the quarter, compared to analysts’ expectations of $14.01 million. During the same period in the prior year, the business posted ($0.06) earnings per share. The firm’s revenue was down 39.7% on a year-over-year basis. On average, analysts forecast that Navitas Semiconductor Corporation will post -0.51 EPS for the current fiscal year.

Institutional Trading of Navitas Semiconductor

Institutional investors have recently added to or reduced their stakes in the stock. Northern Trust Corp boosted its holdings in Navitas Semiconductor by 9.5% in the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock valued at $4,319,000 after acquiring an additional 104,906 shares during the last quarter. Millennium Management LLC bought a new stake in Navitas Semiconductor in the fourth quarter valued at approximately $52,000. Merit Financial Group LLC bought a new stake in Navitas Semiconductor in the first quarter valued at approximately $48,000. Bank of America Corp DE boosted its holdings in Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock valued at $4,407,000 after acquiring an additional 794,371 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Navitas Semiconductor in the fourth quarter valued at approximately $52,000. 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.