Navitas Semiconductor (NASDAQ:NVTS) Director Dipender Saluja Sells 873,488 Shares of Stock

Navitas Semiconductor Corporation (NASDAQ:NVTS) Director Dipender Saluja sold 873,488 shares of Navitas Semiconductor stock in a transaction on Monday, December 15th. The stock was sold at an average price of $8.10, for a total transaction of $7,075,252.80. Following the sale, the director directly owned 4,755,536 shares in the company, valued at approximately $38,519,841.60. This trade represents a 15.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Dipender Saluja also recently made the following trade(s):

• On Friday, December 12th, Dipender Saluja sold 315,396 shares of Navitas Semiconductor stock. The shares were sold at an average price of $8.65, for a total transaction of $2,728,175.40.

Navitas Semiconductor Trading Down 1.6%

NASDAQ:NVTS opened at $7.83 on Wednesday. The company has a market cap of $1.80 billion, a P/E ratio of -12.23 and a beta of 3.14. Navitas Semiconductor Corporation has a twelve month low of $1.52 and a twelve month high of $17.79. The company’s 50-day moving average price is $10.20 and its 200-day moving average price is $7.99.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Navitas Semiconductor had a negative net margin of 220.85% and a negative return on equity of 14.86%. The company had revenue of $10.11 million during the quarter, compared to analysts’ expectations of $10.00 million. During the same quarter in the prior year, the company earned ($0.10) EPS. Navitas Semiconductor’s revenue was down 53.4% compared to the same quarter last year. On average, analysts expect that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on NVTS. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Navitas Semiconductor in a report on Monday, November 10th. Needham & Company LLC lifted their price target on Navitas Semiconductor from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Navitas Semiconductor in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group upgraded shares of Navitas Semiconductor to a “hold” rating in a research report on Tuesday, October 28th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $6.48.

Hedge Funds Weigh In On Navitas Semiconductor

A number of hedge funds have recently modified their holdings of NVTS. Vanguard Group Inc. raised its holdings in Navitas Semiconductor by 23.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,360,648 shares of the company’s stock valued at $96,464,000 after buying an additional 2,550,613 shares during the period. Geode Capital Management LLC increased its position in shares of Navitas Semiconductor by 3.9% during the second quarter. Geode Capital Management LLC now owns 3,340,193 shares of the company’s stock valued at $21,882,000 after acquiring an additional 124,594 shares during the last quarter. Invesco Ltd. raised its stake in shares of Navitas Semiconductor by 75.2% in the 2nd quarter. Invesco Ltd. now owns 3,206,008 shares of the company’s stock valued at $20,999,000 after acquiring an additional 1,376,205 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Navitas Semiconductor by 90.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,048,943 shares of the company’s stock valued at $22,013,000 after acquiring an additional 1,444,405 shares during the period. Finally, Jump Financial LLC acquired a new position in shares of Navitas Semiconductor in the 3rd quarter worth approximately $11,243,000. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.