Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Sells 2,155,783 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) CEO Eugene Sheridan sold 2,155,783 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $4.49, for a total value of $9,679,465.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Navitas Semiconductor Trading Down 5.6%

Shares of Navitas Semiconductor stock traded down $0.30 on Friday, reaching $5.09. 44,855,791 shares of the company were exchanged, compared to its average volume of 7,639,668. The stock has a fifty day moving average price of $2.38 and a 200-day moving average price of $2.79. The firm has a market capitalization of $976.30 million, a price-to-earnings ratio of -12.12 and a beta of 2.24. Navitas Semiconductor Co. has a fifty-two week low of $1.52 and a fifty-two week high of $7.53.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.06). The company had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. Navitas Semiconductor's revenue for the quarter was down 39.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.06) earnings per share. On average, equities analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on NVTS shares. Rosenblatt Securities upped their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Needham & Company LLC cut their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Finally, Robert W. Baird cut their target price on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat, Navitas Semiconductor has a consensus rating of "Moderate Buy" and an average target price of $3.79.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NVTS. SG Americas Securities LLC raised its position in Navitas Semiconductor by 81.7% during the fourth quarter. SG Americas Securities LLC now owns 98,601 shares of the company's stock valued at $352,000 after buying an additional 44,340 shares during the period. Signature Wealth Management Partners LLC acquired a new position in Navitas Semiconductor during the fourth quarter valued at $51,000. Compass Capital Corp MA ADV acquired a new position in Navitas Semiconductor during the fourth quarter valued at $553,000. Edge Capital Group LLC acquired a new position in Navitas Semiconductor during the fourth quarter valued at $987,000. Finally, Bank of New York Mellon Corp raised its position in Navitas Semiconductor by 27.6% during the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock valued at $1,780,000 after buying an additional 107,828 shares during the period. 46.14% of the stock is owned by institutional investors and hedge funds.

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.