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

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) dropped 6% during trading on Wednesday following insider selling activity. The company traded as low as $4.05 and last traded at $4.09. Approximately 7,386,199 shares changed hands during 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 transaction, the director now owns 316,709 shares in the company, valued at $1,437,858.86. This trade represents a 11.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through 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 stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the transaction, the director now owns 356,709 shares in the company, valued at $1,441,104.36. This represents a 18.32 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

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

Navitas Semiconductor Stock Performance

The firm has a fifty day moving average price of $2.59 and a 200 day moving average price of $3.17. The firm has a market capitalization of $762.13 million, a price-to-earnings ratio of -9.71 and a beta of 2.37.

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

Hedge Funds Weigh In On Navitas Semiconductor

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