Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Eugene Sheridan Sells 238,668 Shares of Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Eugene Sheridan sold 238,668 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $7.50, for a total value of $1,790,010.00. Following the completion of the transaction, the chief executive officer now directly owns 461,332 shares of the company’s stock, valued at $3,459,990. This represents a 34.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Eugene Sheridan also recently made the following trade(s):

• On Wednesday, June 11th, Eugene Sheridan sold 361,332 shares of Navitas Semiconductor stock. The stock was sold at an average price of $8.23, for a total value of $2,973,762.36.
• On Friday, May 23rd, Eugene Sheridan sold 2,155,783 shares of Navitas Semiconductor stock. The stock was sold at an average price of $4.49, for a total value of $9,679,465.67.

Navitas Semiconductor Stock Down 6.3%

NVTS opened at $7.32 on Friday. The firm has a market cap of $1.40 billion, a PE ratio of -17.43 and a beta of 2.96. The business has a fifty day simple moving average of $3.38 and a 200-day simple moving average of $3.12. Navitas Semiconductor Co. has a fifty-two week low of $1.52 and a fifty-two week high of $9.17.

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

Analysts Set New Price Targets

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

Institutional Trading of Navitas Semiconductor

Several hedge funds and other institutional investors have recently modified their holdings of NVTS. Compass Capital Corp MA ADV acquired a new stake in shares of Navitas Semiconductor in the fourth quarter worth $553,000. Edge Capital Group LLC acquired a new stake in shares of Navitas Semiconductor in the fourth quarter worth $987,000. Bank of New York Mellon Corp boosted its position in 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 purchasing an additional 107,828 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Navitas Semiconductor during the fourth quarter valued at $66,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Navitas Semiconductor by 7.9% during 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 purchasing an additional 76,870 shares during the last quarter. Institutional investors and hedge funds own 46.14% of the company’s stock.

Navitas Semiconductor Company Profile

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.