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

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report) traded down 4.4% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $6.60 and last traded at $6.88. 19,000,528 shares traded hands during mid-day trading, an increase of 72% from the average session volume of 11,068,664 shares. The stock had previously closed at $7.19.

Specifically, CFO Todd Glickman sold 100,000 shares of Navitas Semiconductor stock in a transaction that occurred 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 sale, the chief financial officer now owns 134,501 shares of the company's stock, valued at approximately $1,076,008. This trade represents a 42.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian Long sold 473,773 shares of Navitas Semiconductor stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $8.35, for a total transaction of $3,956,004.55. Following the transaction, the director now directly owns 5,447,218 shares of the company's stock, valued at $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 other Navitas Semiconductor news, CEO Eugene Sheridan sold 238,668 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $7.50, for a total value of $1,790,010.00. Following the completion of the sale, 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 Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Morgan Stanley downgraded Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Rosenblatt Securities increased 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 target price on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a research report 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 on the stock in a report on Wednesday, March 5th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price objective for the company. in a report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $3.71.

Navitas Semiconductor Trading Up 0.1%

The stock has a market capitalization of $1.34 billion, a P/E ratio of -13.48 and a beta of 2.96. The company has a 50-day moving average price of $3.91 and a 200 day moving average price of $3.27.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $14.02 million for the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The firm's revenue was down 39.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.06) EPS. As a group, research analysts expect that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds have recently made changes to their positions in NVTS. Compass Capital Corp MA ADV purchased a new position in Navitas Semiconductor in the fourth quarter worth approximately $553,000. Edge Capital Group LLC acquired a new stake in shares of Navitas Semiconductor in the 4th quarter valued at $987,000. Bank of New York Mellon Corp lifted its stake in Navitas Semiconductor by 27.6% during the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock worth $1,780,000 after purchasing an additional 107,828 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Navitas Semiconductor in the 4th quarter valued at $66,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 46.14% of the company's stock.

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.