Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) Major Shareholder Sells 8,500 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) major shareholder Sicpower, Llc sold 8,500 shares of Navitas Semiconductor stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $6.53, for a total value of $55,505.00. Following the sale, the insider now owns 24,874,661 shares of the company’s stock, valued at approximately $162,431,536.33. This trade represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Sicpower, Llc also recently made the following trade(s):

• On Thursday, May 29th, Sicpower, Llc sold 484,619 shares of Navitas Semiconductor stock. The stock was sold at an average price of $6.72, for a total transaction of $3,256,639.68.

Navitas Semiconductor Price Performance

Shares of NASDAQ NVTS opened at $5.09 on Friday. The stock has a market capitalization of $976.30 million, a P/E ratio of -12.12 and a beta of 2.24. Navitas Semiconductor Co. has a one year low of $1.52 and a one year high of $7.53. The firm’s 50 day simple moving average is $2.38 and its two-hundred day simple moving average is $2.80.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Navitas Semiconductor by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company’s stock valued at $20,495,000 after acquiring an additional 123,598 shares during the last quarter. Geode Capital Management LLC increased its stake in Navitas Semiconductor by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company’s stock worth $11,005,000 after purchasing an additional 113,277 shares during the period. Invesco Ltd. lifted its position in Navitas Semiconductor by 22.2% in the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock valued at $3,751,000 after purchasing an additional 331,832 shares during the last quarter. Bank of America Corp DE lifted its position in Navitas Semiconductor by 180.5% in the fourth quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock valued at $4,407,000 after purchasing an additional 794,371 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Navitas Semiconductor by 9.5% during the fourth quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock valued at $4,319,000 after purchasing an additional 104,906 shares during the period. 46.14% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on NVTS. Needham & Company LLC cut their price target on shares of Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Morgan Stanley lowered shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Robert W. Baird reduced their target price 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. Finally, Rosenblatt Securities lifted their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the stock 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 stock. According to MarketBeat, Navitas Semiconductor has an average rating of “Moderate Buy” and an average price target 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.