Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Sells 2,155,783 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) CEO Eugene Sheridan sold 2,155,783 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $4.49, for a total transaction of $9,679,465.67. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Navitas Semiconductor Stock Down 5.2%

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Shares of NASDAQ NVTS opened at $6.16 on Thursday. The company's 50-day simple moving average is $2.26 and its 200-day simple moving average is $2.74. Navitas Semiconductor Co. has a 52-week low of $1.52 and a 52-week high of $7.53. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -14.67 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The business had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same quarter last year, the business earned ($0.06) earnings per share. The company's revenue for the quarter was down 39.7% compared to the same quarter last year. Equities research analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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Several research analysts recently issued reports on NVTS shares. Needham & Company LLC reduced their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Robert W. Baird cut their price objective on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Rosenblatt Securities lifted their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, May 22nd. Finally, Morgan Stanley cut shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $2.10 to $1.50 in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell 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 a consensus price target of $3.79.

Read Our Latest Stock Report on NVTS

Institutional Trading of Navitas Semiconductor

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Several institutional investors have recently modified their holdings of the stock. SCS Capital Management LLC acquired a new stake in shares of Navitas Semiconductor in the first quarter valued at about $567,000. Hsbc Holdings PLC boosted its position in Navitas Semiconductor by 980.4% during the first quarter. Hsbc Holdings PLC now owns 158,566 shares of the company's stock worth $323,000 after acquiring an additional 143,890 shares during the last quarter. American Century Companies Inc. boosted its position in Navitas Semiconductor by 650.6% during the first quarter. American Century Companies Inc. now owns 117,873 shares of the company's stock worth $242,000 after acquiring an additional 102,169 shares during the last quarter. Nuveen LLC acquired a new position in Navitas Semiconductor during the first quarter worth about $675,000. Finally, Invesco Ltd. boosted its position in Navitas Semiconductor by 22.2% during the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock worth $3,751,000 after acquiring an additional 331,832 shares during the last quarter. Institutional investors and hedge funds own 46.14% of the company's stock.

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.

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