Navitas Semiconductor (NASDAQ:NVTS) Shares Down 2.4% on Insider Selling

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) traded down 2.4% on Thursday following insider selling activity. The stock traded as low as $5.70 and last traded at $6.01. 55,641,148 shares changed hands during mid-day trading, an increase of 664% from the average session volume of 7,282,454 shares. The stock had previously closed at $6.16.

Specifically, Director Gary Kent Wunderlich, Jr. sold 156,789 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $4.66, for a total value of $730,636.74. Following the completion of the transaction, the director now owns 395,224 shares in the company, valued at $1,841,743.84. This trade represents a 28.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Moxam sold 714,199 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $6.50, for a total value of $4,642,293.50. Following the completion of the sale, the director now directly owns 78,649 shares of the company's stock, valued at approximately $511,218.50. This represents a 90.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CEO Eugene Sheridan sold 2,155,783 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $4.49, for a total value of $9,679,465.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Ratings Changes

Several equities research analysts recently issued reports on NVTS shares. Needham & Company LLC reduced their price objective on 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 lowered 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. Morgan Stanley cut shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Rosenblatt Securities boosted their price target 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. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $3.79.

Navitas Semiconductor Stock Performance

The stock has a 50 day moving average price of $2.38 and a two-hundred day moving average price of $2.80. The company has a market capitalization of $976.30 million, a PE ratio of -12.12 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $14.01 million. During the same period last year, the business earned ($0.06) EPS. The business's quarterly revenue was down 39.7% on a year-over-year basis. Sell-side analysts predict that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NVTS. Bank of America Corp DE raised its stake in shares of Navitas Semiconductor by 180.5% in the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company's stock valued at $4,407,000 after acquiring an additional 794,371 shares in the last quarter. Invesco Ltd. raised its stake in shares of Navitas Semiconductor by 22.2% in the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after acquiring an additional 331,832 shares in the last quarter. Nuveen LLC bought a new position in shares of Navitas Semiconductor in the 1st quarter valued at approximately $675,000. Susquehanna Fundamental Investments LLC bought a new position in Navitas Semiconductor in the 4th quarter worth approximately $1,170,000. Finally, SCS Capital Management LLC bought a new position in Navitas Semiconductor in the 1st quarter worth approximately $567,000. 46.14% of the stock is owned by 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.