Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) CFO Sells 532,342 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) CFO Todd Glickman sold 532,342 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total transaction of $2,390,215.58. Following the completion of the sale, the chief financial officer now directly owns 234,501 shares in the company, valued at approximately $1,052,909.49. This represents a 69.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Todd Glickman also recently made the following trade(s):

• On Wednesday, February 26th, Todd Glickman sold 13,644 shares of Navitas Semiconductor stock. The stock was sold at an average price of $2.59, for a total transaction of $35,337.96.
• On Wednesday, February 26th, Todd Glickman sold 13,644 shares of Navitas Semiconductor stock. The stock was sold at an average price of $2.59, for a total transaction of $35,337.96.

Navitas Semiconductor Price Performance

NASDAQ:NVTS traded down $0.30 on Friday, reaching $5.09. 44,855,791 shares of the company's stock were exchanged, compared to its average volume of 7,660,489. The firm has a market cap of $976.30 million, a price-to-earnings ratio of -12.12 and a beta of 2.24. Navitas Semiconductor Co. has a 52 week low of $1.52 and a 52 week high of $7.53. The stock has a fifty day simple moving average of $2.38 and a 200-day simple moving average of $2.80.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The firm had revenue of $14.02 million during the quarter, compared to analyst estimates of $14.01 million. During the same quarter last year, the business earned ($0.06) earnings per share. The company's quarterly revenue was down 39.7% on a year-over-year basis. As a group, sell-side analysts predict that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NVTS. Bank of America Corp DE raised its stake in shares of Navitas Semiconductor by 180.5% during the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock worth $4,407,000 after acquiring an additional 794,371 shares in the last quarter. Invesco Ltd. increased its stake in shares of Navitas Semiconductor by 22.2% in the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock worth $3,751,000 after buying an additional 331,832 shares during the period. Nuveen LLC purchased a new position in shares of Navitas Semiconductor in the first quarter worth $675,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Navitas Semiconductor in the fourth quarter worth $1,170,000. Finally, SCS Capital Management LLC purchased a new position in shares of Navitas Semiconductor in the first quarter worth $567,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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.