Navitas Semiconductor (NASDAQ:NVTS) Trading Down 6% on Insider Selling
Navitas Semiconductor (NASDAQ:NVTS) shares fell 6% following insider selling, with significant transactions by directors and the CEO. Director Gary Kent Wunderlich, Jr. sold 156,789 shares at $4.66, while Director David Moxam sold 714,199 shares at $6.50. CEO Eugene Sheridan sold 2,155,783 shares at $4.49. Analysts have mixed ratings, with price targets ranging from $1.50 to $6.00. The company reported a quarterly EPS of ($0.06) and a revenue of $14.02 million, down 39.7% year-over-year. Institutional investors have increased their holdings in the company recently.
Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) was down 6% during trading on Friday following insider selling activity. The company traded as low as $4.96 and last traded at $5.07. Approximately 20,148,417 shares were traded during trading, an increase of 55% from the average daily volume of 13,036,459 shares. The stock had previously closed at $5.39.
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Specifically, Director Gary Kent Wunderlich, Jr. sold 156,789 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $4.66, for a total value of $730,636.74. Following the completion of the transaction, the director now owns 395,224 shares in the company, valued at $1,841,743.84. This represents a 28.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Moxam sold 714,199 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $6.50, for a total transaction of $4,642,293.50. Following the completion of the transaction, the director now directly owns 78,649 shares of the company's stock, valued at approximately $511,218.50. The trade was a 90.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO Eugene Sheridan sold 2,155,783 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $4.49, for a total transaction of $9,679,465.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the company. Robert W. Baird lowered their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Needham & Company LLC cut their price target on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Morgan Stanley lowered Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $2.10 to $1.50 in a research report on Monday, April 7th. Finally, Rosenblatt Securities increased their target price on Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Navitas Semiconductor presently has a consensus rating of "Moderate Buy" and an average target price of $3.79.
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View Our Latest Stock Analysis on NVTS
Navitas Semiconductor Price Performance
The stock has a fifty day moving average price of $2.32 and a two-hundred day moving average price of $2.77. The company has a market cap of $975.34 million, a P/E ratio of -12.06 and a beta of 2.24.
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Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.06). Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company had revenue of $14.02 million during the quarter, compared to analyst estimates of $14.01 million. During the same period in the prior year, the business posted ($0.06) EPS. The business's revenue for the quarter was down 39.7% compared to the same quarter last year. As a group, analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current year.
Institutional Investors Weigh In On Navitas Semiconductor
Several large investors have recently modified their holdings of NVTS. SG Americas Securities LLC raised its position in shares of Navitas Semiconductor by 81.7% during the fourth quarter. SG Americas Securities LLC now owns 98,601 shares of the company's stock worth $352,000 after purchasing an additional 44,340 shares during the period. Compass Capital Corp MA ADV purchased a new stake in Navitas Semiconductor during the fourth quarter valued at about $553,000. Edge Capital Group LLC purchased a new position in shares of Navitas Semiconductor in the fourth quarter worth approximately $987,000. Bank of New York Mellon Corp raised its holdings in shares of Navitas Semiconductor by 27.6% during the fourth quarter. Bank of New York Mellon Corp now owns 498,713 shares of the company's stock valued at $1,780,000 after acquiring an additional 107,828 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Navitas Semiconductor in the 4th quarter valued at approximately $66,000. 46.14% of the stock is owned by institutional investors.
About Navitas Semiconductor
(Get Free Report)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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