Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 6% on Insider Selling

Navitas Semiconductor Co. (NASDAQ:NVTS) shares traded down 6% on Wednesday after an insider sold shares in the company. The company traded as low as $4.05 and last traded at $4.09. 7,386,199 shares changed hands during mid-day trading, an increase of 141% from the average session volume of 3,068,094 shares. The stock had previously closed at $4.35.

Specifically, Director Richard J. Hendrix sold 40,000 shares of Navitas Semiconductor stock in a transaction on Monday, December 9th. The stock was sold at an average price of $4.54, for a total value of $181,600.00. Following the completion of the sale, the director now owns 316,709 shares of the company’s stock, valued at approximately $1,437,858.86. This trade represents a 11.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard J. Hendrix sold 80,000 shares of Navitas Semiconductor stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the completion of the sale, the director now directly owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. The trade was a 18.32 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $7.50 target price on shares of Navitas Semiconductor in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft decreased their price target on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Robert W. Baird reduced their target price on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Finally, Craig Hallum reduced their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Stock Down 5.5 %

The business has a 50-day moving average price of $2.56 and a 200-day moving average price of $3.16. The firm has a market capitalization of $767.73 million, a price-to-earnings ratio of -9.64 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS) last released its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. During the same period in the prior year, the firm earned ($0.10) EPS. The firm’s revenue was down 1.4% on a year-over-year basis. On average, equities research analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.

Institutional Investors Weigh In On Navitas Semiconductor

Hedge funds have recently added to or reduced their stakes in the business. DRW Securities LLC purchased a new stake in Navitas Semiconductor in the second quarter valued at $46,000. Wedbush Securities Inc. purchased a new stake in shares of Navitas Semiconductor during the 2nd quarter worth about $49,000. Algert Global LLC purchased a new position in Navitas Semiconductor in the 2nd quarter valued at about $50,000. Benjamin Edwards Inc. purchased a new position in Navitas Semiconductor in the 3rd quarter valued at about $36,000. Finally, Bleakley Financial Group LLC acquired a new stake in Navitas Semiconductor in the 3rd quarter valued at about $41,000. 46.14% of the stock is 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.