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

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) CEO Eugene Sheridan sold 361,332 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were 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 approximately $4,938,000. This trade represents a 37.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 stock was sold at an average price of $7.50, for a total transaction of $1,790,010.00.
• On Friday, May 23rd, Eugene Sheridan sold 2,155,783 shares of Navitas Semiconductor stock. The shares were sold at an average price of $4.49, for a total value of $9,679,465.67.

Navitas Semiconductor Price Performance

Shares of NASDAQ:NVTS traded down $0.49 during mid-day trading on Friday, hitting $7.32. The company had a trading volume of 40,418,954 shares, compared to its average volume of 10,798,429. Navitas Semiconductor Co. has a one year low of $1.52 and a one year high of $9.17. The firm has a fifty day moving average price of $3.38 and a 200 day moving average price of $3.12. The company has a market capitalization of $1.40 billion, a PE ratio of -17.43 and a beta of 2.96.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.06) EPS 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 business had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. During the same period last year, the company posted ($0.06) earnings per share. The business's quarterly revenue was down 39.7% on a year-over-year basis. Research analysts expect that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Navitas Semiconductor by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company's stock valued at $20,495,000 after buying an additional 123,598 shares in the last quarter. Geode Capital Management LLC grew its stake in Navitas Semiconductor by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company's stock valued at $11,005,000 after acquiring an additional 113,277 shares during the period. Invesco Ltd. increased its holdings in shares of Navitas Semiconductor by 22.2% during the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after acquiring an additional 331,832 shares in the last quarter. Bank of America Corp DE increased its holdings 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 valued at $4,407,000 after acquiring an additional 794,371 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Navitas Semiconductor by 9.5% during the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company's stock worth $4,319,000 after purchasing an additional 104,906 shares during the period. Institutional investors own 46.14% of the company's stock.

Wall Street Analysts Forecast Growth

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.