Navitas Semiconductor (NASDAQ:NVTS) Shares Down 4.4% on Insider Selling

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s share price was down 4.4% during trading on Tuesday following insider selling activity. The stock traded as low as $6.60 and last traded at $6.88. Approximately 19,000,528 shares changed hands during trading, an increase of 72% from the average daily volume of 11,068,664 shares. The stock had previously closed at $7.19.

Specifically, CFO Todd Glickman sold 100,000 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $8.00, for a total transaction of $800,000.00. Following the transaction, the chief financial officer now directly owns 134,501 shares in the company, valued at $1,076,008. The trade was a 42.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Long sold 473,773 shares of Navitas Semiconductor stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $8.35, for a total transaction of $3,956,004.55. Following the sale, the director now owns 5,447,218 shares of the company's stock, valued at approximately $45,484,270.30. The trade was a 8.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CEO Eugene Sheridan sold 238,668 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $7.50, for a total transaction of $1,790,010.00. Following the completion of the transaction, the chief executive officer now owns 461,332 shares of the company's stock, valued at $3,459,990. This trade represents a 34.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Morgan Stanley cut shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $2.10 to $1.50 in a research note on Monday, April 7th. 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 report on Thursday, May 22nd. Needham & Company LLC lowered their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Robert W. Baird cut their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Finally, Deutsche Bank Aktiengesellschaft cut Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective on the stock. in a report on Tuesday. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $3.71.

Navitas Semiconductor Trading Down 4.0%

The firm has a 50 day moving average price of $3.50 and a 200-day moving average price of $3.16. The firm has a market cap of $1.32 billion, a PE ratio of -16.46 and a beta of 2.96.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate 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 for the quarter, compared to analyst estimates of $14.01 million. During the same quarter last year, the company earned ($0.06) EPS. The business's quarterly revenue was down 39.7% on a year-over-year basis. Equities analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NVTS. SCS Capital Management LLC acquired a new position in Navitas Semiconductor in the 1st quarter valued at $567,000. Hsbc Holdings PLC increased its stake in shares of Navitas Semiconductor by 980.4% during the first quarter. Hsbc Holdings PLC now owns 158,566 shares of the company's stock worth $323,000 after acquiring an additional 143,890 shares during the period. American Century Companies Inc. raised its holdings in Navitas Semiconductor by 650.6% during the first quarter. American Century Companies Inc. now owns 117,873 shares of the company's stock worth $242,000 after purchasing an additional 102,169 shares in the last quarter. Nuveen LLC acquired a new stake in Navitas Semiconductor in the first quarter valued at about $675,000. Finally, Invesco Ltd. increased its position in Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock worth $3,751,000 after purchasing an additional 331,832 shares during the period. Institutional investors and hedge funds 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.

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