Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 6.5% After Insider Selling

Shares of Navitas Semiconductor Corporation (NASDAQ:NVTS) were down 6.5% during mid-day trading on Monday following insider selling activity. The company traded as low as $23.59 and last traded at $24.86. Approximately 24,780,714 shares changed hands during trading, a decline of 12% from the average daily volume of 28,023,844 shares. The stock had previously closed at $26.60.

Specifically, Director Richard J. Hendrix sold 110,165 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $28.96, for a total value of $3,190,378.40. Following the transaction, the director directly owned 101,709 shares in the company, valued at $2,945,492.64. This represents a 52.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard J. Hendrix sold 33,649 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $29.66, for a total transaction of $998,029.34. Following the completion of the transaction, the director owned 33,855 shares in the company, valued at $1,004,139.30. This represents a 49.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In other news, Director Gary Kent Wunderlich, Jr. sold 35,165 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $28.14, for a total transaction of $989,543.10. Following the transaction, the director directly owned 2,375,060 shares in the company, valued at approximately $66,834,188.40. This trade represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

NVTS has been the topic of a number of recent research reports. Needham & Company LLC increased their price objective on shares of Navitas Semiconductor from $13.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Morgan Stanley reiterated an “underweight” rating and set a $13.70 price objective on shares of Navitas Semiconductor in a research note on Wednesday, May 6th. Robert W. Baird increased their price objective on shares of Navitas Semiconductor from $9.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a research note on Tuesday, April 21st. Finally, Rosenblatt Securities increased their price objective on shares of Navitas Semiconductor from $7.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.87.

Navitas Semiconductor Price Performance

The stock’s 50-day moving average is $15.81 and its 200 day moving average is $11.27. The company has a market cap of $5.81 billion, a PE ratio of -39.46 and a beta of 3.75.

Navitas Semiconductor (NASDAQ:NVTS) last posted its earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Navitas Semiconductor had a negative net margin of 330.67% and a negative return on equity of 14.30%. The company had revenue of $8.60 million during the quarter, compared to analysts’ expectations of $8.22 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. Navitas Semiconductor’s revenue for the quarter was down 38.7% compared to the same quarter last year. On average, analysts expect that Navitas Semiconductor Corporation will post -0.39 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NVTS. Allworth Financial LP raised its holdings in shares of Navitas Semiconductor by 309.4% in the third quarter. Allworth Financial LP now owns 3,570 shares of the company’s stock worth $26,000 after buying an additional 2,698 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Navitas Semiconductor by 189.8% in the second quarter. NewEdge Advisors LLC now owns 4,492 shares of the company’s stock worth $29,000 after buying an additional 2,942 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Navitas Semiconductor by 116.5% in the fourth quarter. GAMMA Investing LLC now owns 4,736 shares of the company’s stock worth $34,000 after buying an additional 2,548 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Navitas Semiconductor by 3,200.0% in the first quarter. Geneos Wealth Management Inc. now owns 4,125 shares of the company’s stock worth $36,000 after buying an additional 4,000 shares during the last quarter. Finally, State of Wyoming raised its holdings in shares of Navitas Semiconductor by 92.8% in the first quarter. State of Wyoming now owns 4,803 shares of the company’s stock worth $42,000 after buying an additional 2,312 shares during the last quarter. Hedge funds and other institutional investors own 46.14% of the company’s stock.

About Navitas Semiconductor

Navitas Semiconductor is a fabless semiconductor company specialized in gallium nitride (GaN) power integrated circuits. The company’s core mission centers on delivering high-efficiency, high-power-density power solutions that address the needs of modern electronic devices, ranging from fast chargers for consumer electronics to industrial and automotive power systems.

Navitas offers a portfolio of GaNFast power ICs designed to replace traditional silicon-based power components. These products integrate GaN transistors, drivers and protection features into single-chip solutions, enabling faster charging, reduced energy loss and smaller power supply footprints.