Navitas Semiconductor Co. (NASDAQ:NVTS) Director Richard J. Hendrix Sells 50,000 Shares

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) Director Richard J. Hendrix sold 50,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $6.33, for a total value of $316,500.00. Following the completion of the sale, the director now owns 104,792 shares of the company's stock, valued at approximately $663,333.36. This trade represents a 32.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Navitas Semiconductor Stock Up 2.1%

NVTS stock traded up $0.13 during midday trading on Friday, hitting $6.18. The company's stock had a trading volume of 43,659,438 shares, compared to its average volume of 9,067,860. Navitas Semiconductor Co. has a 52-week low of $1.52 and a 52-week high of $7.53. The firm has a market capitalization of $1.19 billion, a P/E ratio of -14.71 and a beta of 2.96. The firm has a 50-day simple moving average of $2.79 and a 200-day simple moving average of $2.95.

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 (EPS) for the quarter, hitting the consensus estimate 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 in the previous year, the company earned ($0.06) EPS. The company's revenue for the quarter was down 39.7% on a year-over-year basis. On average, sell-side analysts expect that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NVTS has been the subject of several research analyst reports. Robert W. Baird reduced their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Needham & Company LLC dropped their target price on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Rosenblatt Securities raised their target price on Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Navitas Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus target price of $3.79.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Compass Capital Corp MA ADV purchased a new stake in Navitas Semiconductor during the fourth quarter worth about $553,000. Edge Capital Group LLC acquired a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $987,000. Bank of New York Mellon Corp raised its position in shares of Navitas Semiconductor by 27.6% in the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock valued at $1,780,000 after buying an additional 107,828 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Navitas Semiconductor during the fourth quarter worth approximately $66,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Navitas Semiconductor by 7.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company's stock worth $3,737,000 after purchasing an additional 76,870 shares during the period. 46.14% of the stock is currently owned by institutional investors and hedge funds.

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.