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

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

Specifically, Director Richard J. Hendrix sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the completion of the sale, the director now owns 316,709 shares of the company’s stock, valued at $1,437,858.86. This trade represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were 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 $1,441,104.36. This trade represents a 18.32 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

NVTS has been the topic of a number of recent research reports. Robert W. Baird dropped 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. Deutsche Bank Aktiengesellschaft dropped their target price on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Rosenblatt Securities restated a “buy” rating and issued a $7.50 target price on shares of Navitas Semiconductor in a report on Thursday, October 31st. Finally, Craig Hallum dropped their target price on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $4.75.

Navitas Semiconductor Stock Performance

The business has a 50 day simple moving average of $2.56 and a two-hundred day simple moving average of $3.16. The firm has a market capitalization of $767.73 million, a P/E ratio of -9.64 and a beta of 2.37.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting 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 $21.68 million during the quarter, compared to analysts’ expectations of $21.93 million. During the same period in the prior year, the business earned ($0.10) EPS. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. On average, equities analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Navitas Semiconductor

Several institutional investors have recently bought and sold shares of the stock. DRW Securities LLC purchased a new stake in Navitas Semiconductor in the 2nd quarter worth approximately $46,000. Wedbush Securities Inc. bought a new position in shares of Navitas Semiconductor in the 2nd quarter worth approximately $49,000. Algert Global LLC bought a new position in shares of Navitas Semiconductor in the 2nd quarter worth approximately $50,000. Benjamin Edwards Inc. bought a new position in Navitas Semiconductor during the 3rd quarter valued at approximately $36,000. Finally, Bleakley Financial Group LLC bought a new position in Navitas Semiconductor during the 3rd quarter valued at approximately $41,000. 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.