Navitas Semiconductor Co. (NASDAQ:NVTS) Director Ranbir Singh Sells 2,339,042 Shares

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Ranbir Singh sold 2,339,042 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $7.43, for a total transaction of $17,379,082.06. Following the sale, the director now owns 20,051,000 shares of the company’s stock, valued at $148,978,930. This trade represents a 10.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Ranbir Singh also recently made the following trade(s):

• On Thursday, June 5th, Ranbir Singh sold 16,377 shares of Navitas Semiconductor stock. The stock was sold at an average price of $6.43, for a total transaction of $105,304.11.
• On Wednesday, June 4th, Ranbir Singh sold 2,000,000 shares of Navitas Semiconductor stock. The stock was sold at an average price of $6.76, for a total transaction of $13,520,000.00.
• On Tuesday, March 18th, Ranbir Singh sold 4,400 shares of Navitas Semiconductor stock. The stock was sold at an average price of $2.55, for a total transaction of $11,220.00.

Navitas Semiconductor Stock Down 1.6%

NVTS opened at $7.96 on Thursday. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -18.95 and a beta of 2.96. The firm has a 50-day moving average price of $3.15 and a 200-day moving average price of $3.05. Navitas Semiconductor Co. has a twelve month low of $1.52 and a twelve month high of $9.17.

Navitas Semiconductor (NASDAQ:NVTS) last posted its earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $14.02 million during the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. The company’s revenue was down 39.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.06) earnings per share. On average, sell-side analysts expect that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

A number of large investors have recently modified their holdings of NVTS. Compass Capital Corp MA ADV bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $553,000. Edge Capital Group LLC bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $987,000. Bank of New York Mellon Corp boosted its position in shares of Navitas Semiconductor by 27.6% in 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. SBI Securities Co. Ltd. bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $66,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Navitas Semiconductor by 7.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,046,750 shares of the company’s stock valued at $3,737,000 after acquiring an additional 76,870 shares during the period. 46.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on NVTS. Needham & Company LLC decreased their price objective 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. Morgan Stanley downgraded shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Robert W. Baird decreased 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. Finally, Rosenblatt Securities raised their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, Navitas Semiconductor currently has an average rating of “Moderate Buy” and an average 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.