Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Eugene Sheridan Sells 193,662 Shares

Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Eugene Sheridan sold 193,662 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $3.03, for a total value of $586,795.86. Following the completion of the transaction, the chief executive officer now owns 2,149,631 shares in the company, valued at approximately $6,513,381.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Eugene Sheridan also recently made the following trade(s):

• On Wednesday, August 28th, Eugene Sheridan sold 453,190 shares of Navitas Semiconductor stock. The stock was sold at an average price of $3.03, for a total transaction of $1,373,165.70.

Navitas Semiconductor Stock Performance

Shares of NASDAQ NVTS opened at $3.02 on Friday. The firm has a 50 day moving average price of $3.68 and a two-hundred day moving average price of $4.30. The stock has a market cap of $552.97 million, a P/E ratio of -5.92 and a beta of 2.42. Navitas Semiconductor Co. has a 52-week low of $2.87 and a 52-week high of $8.95.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). The company had revenue of $20.50 million during the quarter, compared to analyst estimates of $20.01 million. Navitas Semiconductor had a negative net margin of 97.75% and a negative return on equity of 21.22%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.12) earnings per share. Analysts predict that Navitas Semiconductor Co. will post -0.53 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on NVTS shares. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Morgan Stanley lowered their price objective on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Robert W. Baird reduced their target price on Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Needham & Company LLC dropped their price objective on Navitas Semiconductor from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, Craig Hallum decreased their target price on Navitas Semiconductor from $7.50 to $6.50 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $6.00.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC increased its position in Navitas Semiconductor by 12.5% during the 1st quarter. ProShare Advisors LLC now owns 20,348 shares of the company’s stock valued at $97,000 after purchasing an additional 2,258 shares during the period. Laidlaw Wealth Management LLC lifted its holdings in Navitas Semiconductor by 16.7% in the fourth quarter. Laidlaw Wealth Management LLC now owns 18,316 shares of the company’s stock valued at $148,000 after buying an additional 2,618 shares during the period. Victory Capital Management Inc. grew its position in shares of Navitas Semiconductor by 23.9% during the 4th quarter. Victory Capital Management Inc. now owns 15,842 shares of the company’s stock worth $128,000 after buying an additional 3,052 shares during the period. Ensign Peak Advisors Inc increased its stake in shares of Navitas Semiconductor by 5.2% in the 2nd quarter. Ensign Peak Advisors Inc now owns 77,245 shares of the company’s stock valued at $304,000 after acquiring an additional 3,800 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in shares of Navitas Semiconductor by 5.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 77,940 shares of the company’s stock valued at $306,000 after acquiring an additional 4,000 shares during the period. 46.14% of the stock is owned by institutional investors and hedge funds.

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.