Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) Director Sells 56,789 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) Director Gary Kent Wunderlich, Jr. sold 56,789 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $7.35, for a total transaction of $417,399.15. Following the completion of the sale, the director now directly owns 338,435 shares of the company's stock, valued at approximately $2,487,497.25. This trade represents a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Navitas Semiconductor Stock Performance

NASDAQ:NVTS traded down $0.15 during midday trading on Thursday, reaching $7.81. 47,682,555 shares of the stock traded hands, compared to its average volume of 10,621,421. Navitas Semiconductor Co. has a 12-month low of $1.52 and a 12-month high of $9.17. The business has a 50-day moving average of $3.15 and a two-hundred day moving average of $3.05. The stock has a market capitalization of $1.50 billion, a PE ratio of -18.59 and a beta of 2.96.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting 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 company 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 company posted ($0.06) earnings per share. Navitas Semiconductor's revenue for the quarter was down 39.7% compared to the same quarter last year. Research 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 research firms have recently issued reports on NVTS. Rosenblatt Securities increased their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Robert W. Baird dropped 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 note on Wednesday, March 5th. Finally, Needham & Company LLC dropped 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 note on Tuesday, May 6th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, Navitas Semiconductor presently has an average rating of "Moderate Buy" and a consensus target price of $3.79.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Simplicity Wealth LLC purchased a new position in shares of Navitas Semiconductor in the first quarter worth $26,000. Larson Financial Group LLC purchased a new position in shares of Navitas Semiconductor in the first quarter worth $28,000. Benjamin Edwards Inc. purchased a new position in shares of Navitas Semiconductor in the first quarter worth $31,000. Goodman Financial Corp purchased a new position in shares of Navitas Semiconductor in the fourth quarter worth $36,000. Finally, Caption Management LLC purchased a new position in shares of Navitas Semiconductor in the fourth quarter worth $36,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

Navitas Semiconductor Company Profile

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.