Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) Director Sells 45,219 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) Director Gary Kent Wunderlich, Jr. sold 45,219 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $8.11, for a total transaction of $366,726.09. Following the completion of the sale, the director now owns 243,216 shares in the company, valued at $1,972,481.76. The trade was a 15.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Navitas Semiconductor Price Performance

Shares of NVTS stock traded down $0.49 during trading hours on Friday, reaching $7.32. The stock had a trading volume of 40,418,954 shares, compared to its average volume of 10,834,390. Navitas Semiconductor Co. has a twelve month low of $1.52 and a twelve month high of $9.17. The firm has a 50-day simple moving average of $3.38 and a 200-day simple moving average of $3.13. The firm 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 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). 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 for the quarter, compared to analysts' expectations of $14.01 million. During the same quarter last year, the company earned ($0.06) EPS. The company's revenue for the quarter was down 39.7% compared to the same quarter last year. On average, equities analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on NVTS shares. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Rosenblatt Securities boosted their price objective 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. Robert W. Baird decreased their price objective on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Finally, Needham & Company LLC decreased their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $3.79.

Institutional Trading of Navitas Semiconductor

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Northern Trust Corp grew its stake in shares of Navitas Semiconductor by 9.5% in the 4th 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 last quarter. Millennium Management LLC acquired a new stake in shares of Navitas Semiconductor during the fourth quarter worth approximately $52,000. Bank of America Corp DE boosted 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 worth $4,407,000 after purchasing an additional 794,371 shares during the period. Merit Financial Group LLC acquired a new stake in shares of Navitas Semiconductor during the first quarter worth approximately $48,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Navitas Semiconductor during the fourth quarter worth approximately $52,000. 46.14% of the stock is currently owned by institutional investors.

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.