Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 4.8% Following Insider Selling

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) were down 4.8% on Friday after an insider sold shares in the company. The stock traded as low as $7.21 and last traded at $7.44. Approximately 17,431,751 shares were traded during mid-day trading, an increase of 63% from the average daily volume of 10,680,628 shares. The stock had previously closed at $7.81.

Specifically, Director Brian Long sold 1,026,227 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $7.93, for a total transaction of $8,137,980.11. Following the completion of the transaction, the director now directly owns 4,420,991 shares in the company, valued at $35,058,458.63. The trade was a 18.84% 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 link. Also, Director Gary Kent Wunderlich, Jr. sold 45,219 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $8.11, for a total value of $366,726.09. Following the sale, the director now owns 243,216 shares in the company, valued at approximately $1,972,481.76. This trade represents a 15.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Ranbir Singh sold 21,782 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $8.53, for a total transaction of $185,800.46. Following the sale, the director now directly owns 19,214,053 shares in the company, valued at approximately $163,895,872.09. The trade was a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

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

Navitas Semiconductor Stock Performance

The stock has a market capitalization of $1.40 billion, a P/E ratio of -17.43 and a beta of 2.96. The business has a fifty day simple moving average of $3.38 and a 200-day simple moving average of $3.12.

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 analysts' consensus estimates of ($0.06). Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The company had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same period in the prior year, the firm earned ($0.06) earnings per share. Navitas Semiconductor's revenue for the quarter was down 39.7% on a year-over-year basis. On average, sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of institutional investors have recently modified their holdings of NVTS. Simplicity Wealth LLC acquired a new position in shares of Navitas Semiconductor during the first quarter worth approximately $26,000. Larson Financial Group LLC acquired a new position in shares of Navitas Semiconductor during the first quarter worth approximately $28,000. Benjamin Edwards Inc. acquired a new position in shares of Navitas Semiconductor during the first quarter worth approximately $31,000. Goodman Financial Corp acquired a new position in shares of Navitas Semiconductor during the fourth quarter worth approximately $36,000. Finally, Caption Management LLC acquired a new position in shares of Navitas Semiconductor during the fourth quarter worth approximately $36,000. 46.14% of the stock is 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.