Navitas Semiconductor Co. (NASDAQ:NVTS) Director Richard J. Hendrix Sells 20,000 Shares

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) Director Richard J. Hendrix sold 20,000 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $8.12, for a total value of $162,400.00. Following the completion of the sale, the director now directly owns 45,456 shares in the company, valued at $369,102.72. This trade represents a 30.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Navitas Semiconductor Stock Performance

NVTS traded down $0.09 during trading on Friday, hitting $7.72. 26,512,014 shares of the stock were exchanged, compared to its average volume of 10,714,175. Navitas Semiconductor Co. has a 1 year low of $1.52 and a 1 year high of $9.17. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -18.46 and a beta of 2.96. The firm has a 50 day simple moving average of $3.27 and a 200 day simple moving average of $3.09.

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

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the business. Compass Capital Corp MA ADV purchased a new stake in Navitas Semiconductor during the fourth quarter worth $553,000. Edge Capital Group LLC bought a new position in shares of Navitas Semiconductor during the 4th quarter worth approximately $987,000. Bank of New York Mellon Corp boosted its stake in Navitas Semiconductor by 27.6% in 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 acquiring an additional 107,828 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Navitas Semiconductor during the 4th quarter valued at $66,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Navitas Semiconductor by 7.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company's stock worth $3,737,000 after purchasing an additional 76,870 shares in the last quarter. 46.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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