Navitas Semiconductor (NASDAQ:NVTS) Trading Down 6% Following Insider Selling

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report)'s share price dropped 6% during trading on Friday after an insider sold shares in the company. The stock traded as low as $4.96 and last traded at $5.07. Approximately 20,148,417 shares were traded during trading, an increase of 55% from the average daily volume of 13,036,459 shares. The stock had previously closed at $5.39.

Specifically, major shareholder Sicpower, Llc sold 484,619 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $6.72, for a total transaction of $3,256,639.68. Following the sale, the insider now directly owns 24,390,042 shares in the company, valued at approximately $163,901,082.24. The trade was a 1.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sicpower, Llc sold 8,500 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $6.53, for a total transaction of $55,505.00. Following the completion of the sale, the insider now owns 24,874,661 shares of the company's stock, valued at $162,431,536.33. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. In related news, Director Richard J. Hendrix sold 32,725 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $6.38, for a total transaction of $208,785.50. Following the sale, the director now owns 143,984 shares of the company's stock, valued at approximately $918,617.92. The trade was a 18.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

NVTS has been the subject of a number of research analyst reports. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Robert W. Baird decreased their target price on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 5th. Rosenblatt Securities raised their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Finally, Needham & Company LLC cut their price target 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. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $3.79.

Navitas Semiconductor Trading Down 5.6%

The stock's 50 day moving average price is $2.38 and its two-hundred day moving average price is $2.80. The firm 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 announced its earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting 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 firm had revenue of $14.02 million for the quarter, compared to analysts' expectations of $14.01 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. Navitas Semiconductor's quarterly revenue was down 39.7% on a year-over-year basis. Analysts expect that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Institutional Trading of Navitas Semiconductor

A number of large investors have recently made changes to their positions in the stock. American Century Companies Inc. raised its stake in Navitas Semiconductor by 52.7% in the 4th quarter. American Century Companies Inc. now owns 15,704 shares of the company's stock valued at $56,000 after purchasing an additional 5,419 shares during the last quarter. Tower Research Capital LLC TRC grew 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 worth $37,000 after buying an additional 5,726 shares in the last quarter. 180 Wealth Advisors LLC grew its holdings in shares of Navitas Semiconductor by 7.6% during the first quarter. 180 Wealth Advisors LLC now owns 97,602 shares of the company's stock worth $200,000 after buying an additional 6,920 shares in the last quarter. Goodman Financial Corp acquired a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $36,000. Finally, Caption Management LLC purchased a new position in shares of Navitas Semiconductor during the fourth quarter valued at approximately $36,000. Institutional investors and hedge funds own 46.14% of the company's stock.

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.