Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Eugene Sheridan Sells 361,332 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) CEO Eugene Sheridan sold 361,332 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $8.23, for a total transaction of $2,973,762.36. Following the completion of the transaction, the chief executive officer now owns 600,000 shares of the company's stock, valued at $4,938,000. This represents a 37.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Eugene Sheridan also recently made the following trade(s):

• On Friday, June 13th, Eugene Sheridan sold 238,668 shares of Navitas Semiconductor stock. The shares were sold at an average price of $7.50, for a total value of $1,790,010.00.
• On Friday, May 23rd, Eugene Sheridan sold 2,155,783 shares of Navitas Semiconductor stock. The stock was sold at an average price of $4.49, for a total transaction of $9,679,465.67.

Navitas Semiconductor Trading Down 1.8%

Navitas Semiconductor stock traded down $0.13 during midday trading on Monday, hitting $7.19. 58,533,101 shares of the stock were exchanged, compared to its average volume of 11,028,935. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -17.12 and a beta of 2.96. The stock's 50-day simple moving average is $3.38 and its 200 day simple moving average is $3.13. Navitas Semiconductor Co. has a fifty-two week low of $1.52 and a fifty-two week high of $9.17.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly 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 23.64% and a negative net margin of 84.61%. The business had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same quarter in the prior year, the company posted ($0.06) EPS. The company's quarterly revenue was down 39.7% on a year-over-year basis. Equities analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Trading of Navitas Semiconductor

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NVTS. Goodman Financial Corp acquired a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $36,000. Caption Management LLC acquired a new stake in shares of Navitas Semiconductor during the fourth quarter worth about $36,000. Tower Research Capital LLC TRC increased its position in Navitas Semiconductor by 125.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock worth $37,000 after buying an additional 5,726 shares during the period. Steel Grove Capital Advisors LLC acquired a new position in shares of Navitas Semiconductor in the 4th quarter valued at $39,000. Finally, Cibc World Markets Corp purchased a new stake in shares of Navitas Semiconductor in the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

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.