Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Down After Insider Selling

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) shares gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $7.81, but opened at $7.40. Navitas Semiconductor shares last traded at $7.28, with a volume of 11,379,347 shares trading hands.

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

Analysts Set New Price Targets

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

Navitas Semiconductor Trading Down 6.3%

The firm has a market capitalization of $1.40 billion, a P/E ratio of -17.43 and a beta of 2.96. The business's 50 day simple moving average is $3.38 and its two-hundred day simple moving average is $3.12.

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 for the quarter, meeting 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 firm 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) earnings per share. The firm's quarterly revenue was down 39.7% on a year-over-year basis. Analysts predict that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Goodman Financial Corp purchased a new position in shares of Navitas Semiconductor during the fourth quarter valued at approximately $36,000. Caption Management LLC purchased a new position in shares of Navitas Semiconductor during the fourth quarter valued at approximately $36,000. Tower Research Capital LLC TRC raised its holdings in shares of Navitas Semiconductor by 125.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company's stock valued at $37,000 after purchasing an additional 5,726 shares during the last quarter. Steel Grove Capital Advisors LLC purchased a new position in shares of Navitas Semiconductor during the fourth quarter valued at approximately $39,000. Finally, Cibc World Markets Corp purchased a new position in shares of Navitas Semiconductor during the fourth quarter valued at approximately $42,000. 46.14% of the stock is owned by hedge funds and other institutional investors.

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.