Navitas Semiconductor Co. (NASDAQ:NVTS) Director Brian Long Sells 2,955,509 Shares

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) Director Brian Long sold 2,955,509 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $6.61, for a total value of $19,535,914.49. Following the completion of the sale, the director now owns 5,920,991 shares in the company, valued at $39,137,750.51. This represents a 33.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Brian Long also recently made the following trade(s):

• On Thursday, June 5th, Brian Long sold 31,460 shares of Navitas Semiconductor stock. The shares were sold at an average price of $6.83, for a total value of $214,871.80.
• On Friday, March 21st, Brian Long sold 47,189 shares of Navitas Semiconductor stock. The stock was sold at an average price of $2.36, for a total transaction of $111,366.04.

Navitas Semiconductor Price Performance

Shares of NVTS traded down $0.73 during trading hours on Thursday, hitting $6.05. The stock had a trading volume of 65,502,678 shares, compared to its average volume of 8,874,630. The firm has a market capitalization of $1.16 billion, a PE ratio of -14.40 and a beta of 2.96. Navitas Semiconductor Co. has a 12 month low of $1.52 and a 12 month high of $7.53. The stock has a fifty day moving average price of $2.71 and a 200 day moving average price of $2.91.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued 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 return on equity of 23.64% and a negative net margin of 84.61%. The business had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. During the same quarter in the prior year, the business posted ($0.06) earnings per share. The business's quarterly revenue was down 39.7% on a year-over-year basis. As a group, analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Simplicity Wealth LLC bought a new stake in Navitas Semiconductor in the first quarter worth $26,000. Larson Financial Group LLC bought a new position in Navitas Semiconductor during the first quarter valued at $28,000. Benjamin Edwards Inc. purchased a new position in shares of Navitas Semiconductor in the 1st quarter worth $31,000. Goodman Financial Corp bought a new stake in shares of Navitas Semiconductor in the 4th quarter worth about $36,000. Finally, Caption Management LLC purchased a new stake in shares of Navitas Semiconductor during the 4th quarter valued at about $36,000. 46.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on NVTS shares. Rosenblatt Securities upped their target price on Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Needham & Company LLC decreased their price objective on shares of 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 lowered their price objective on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 5th. Finally, Morgan Stanley downgraded Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their price target for the company 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 issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.

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