Navitas Semiconductor Co. (NASDAQ:NVTS) Director Sells $1,027,958.40 in Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Richard J. Hendrix sold 229,455 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $4.48, for a total value of $1,027,958.40. Following the completion of the transaction, the director now owns 94,739 shares of the company’s stock, valued at approximately $424,430.72. This represents a 70.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Navitas Semiconductor Stock Up 47.4%

NVTS stock opened at $6.50 on Wednesday. Navitas Semiconductor Co. has a 52-week low of $1.52 and a 52-week high of $7.53. The stock’s 50 day moving average is $2.18 and its two-hundred day moving average is $2.72. The company has a market capitalization of $1.25 billion, a PE ratio of -15.48 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS) last issued its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, meeting 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 business had revenue of $14.02 million during the quarter, compared to the consensus estimate of $14.01 million. During the same period in the previous year, the business earned ($0.06) EPS. The business’s quarterly revenue was down 39.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Simplicity Wealth LLC acquired a new position in Navitas Semiconductor during the 1st quarter worth $26,000. Larson Financial Group LLC acquired a new position in Navitas Semiconductor during the 1st quarter worth $28,000. Benjamin Edwards Inc. acquired a new position in Navitas Semiconductor during the 1st quarter worth $31,000. Goodman Financial Corp acquired a new position in Navitas Semiconductor during the 4th quarter worth $36,000. Finally, Caption Management LLC acquired a new position in Navitas Semiconductor during the 4th quarter worth $36,000. 46.14% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on NVTS. Needham & Company LLC decreased their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Robert W. Baird decreased their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley lowered Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $2.10 to $1.50 in a research note on Monday, April 7th. Finally, Rosenblatt Securities increased their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.79.

About Navitas Semiconductor

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.