Navitas Semiconductor Co. (NASDAQ:NVTS) Director Sells $159,750.00 in Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) Director Richard J. Hendrix sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $6.39, for a total transaction of $159,750.00. Following the completion of the transaction, the director now directly owns 69,739 shares in the company, valued at $445,632.21. This trade represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Navitas Semiconductor Trading Down 1.6%

NASDAQ:NVTS traded down $0.13 during trading hours on Wednesday, hitting $7.96. The company's stock had a trading volume of 103,648,949 shares, compared to its average volume of 18,947,801. The stock has a market capitalization of $1.53 billion, a P/E ratio of -18.95 and a beta of 2.96. The stock has a fifty day moving average of $3.03 and a 200-day moving average of $3.02. Navitas Semiconductor Co. has a 52-week low of $1.52 and a 52-week high of $9.17.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (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 during the quarter, compared to the consensus estimate of $14.01 million. During the same period in the prior year, the company posted ($0.06) earnings per share. The firm's quarterly revenue was down 39.7% compared to the same quarter last year. On average, sell-side analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NVTS. Morgan Stanley cut shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Rosenblatt Securities upped their target price 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. 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 report on Tuesday, May 6th. Finally, Robert W. Baird reduced their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $3.79.

Hedge Funds Weigh In On Navitas Semiconductor

Hedge funds have recently made changes to their positions in the company. Simplicity Wealth LLC purchased a new position in Navitas Semiconductor during the 1st quarter worth approximately $26,000. Larson Financial Group LLC acquired a new position in Navitas Semiconductor in the 1st quarter valued at about $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 stake in shares of Navitas Semiconductor during the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 46.14% of the company's stock.

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.