Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 2.4% After Insider Selling

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s share price fell 2.4% during trading on Thursday after an insider sold shares in the company. The company traded as low as $5.70 and last traded at $6.01. 55,641,148 shares traded hands during 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 company's 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 sale, the director now owns 395,224 shares of the company's stock, valued at approximately $1,841,743.84. This represents a 28.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Moxam sold 714,199 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $6.50, for a total transaction of $4,642,293.50. Following the completion of the sale, the director now owns 78,649 shares in the company, valued at $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 other Navitas Semiconductor news, CEO Eugene Sheridan sold 2,155,783 shares of Navitas Semiconductor stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $4.49, for a total transaction of $9,679,465.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Morgan Stanley cut shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $2.10 to $1.50 in a research note on Monday, April 7th. Needham & Company LLC dropped their price target 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 Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Finally, Rosenblatt Securities upped their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Stock Down 5.6%

The firm's 50 day moving average is $2.38 and its 200-day moving average is $2.80. The firm has a market cap of $976.30 million, a PE ratio of -12.12 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued 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). The company had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The business's revenue for the quarter was down 39.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.06) EPS. On average, analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Hedge Funds Weigh In On Navitas Semiconductor

Large investors have recently added to or reduced their stakes in the business. Simplicity Wealth LLC acquired a new position in shares of Navitas Semiconductor during the 1st quarter valued at about $26,000. Larson Financial Group LLC purchased a new stake in Navitas Semiconductor in the first quarter valued at approximately $28,000. Benjamin Edwards Inc. acquired a new position in Navitas Semiconductor during the first quarter worth approximately $31,000. Goodman Financial Corp acquired a new position in Navitas Semiconductor during the fourth quarter worth approximately $36,000. Finally, Caption Management LLC purchased a new position in Navitas Semiconductor during the fourth quarter worth approximately $36,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.