Navitas Semiconductor (NASDAQ:NVTS) Stock Price Down 6% Following Insider Selling

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) traded down 6% on Wednesday following insider selling activity. The company traded as low as $4.05 and last traded at $4.09. 7,386,199 shares were traded during mid-day trading, an increase of 141% from the average session volume of 3,068,094 shares. The stock had previously closed at $4.35.

Specifically, Director Richard J. Hendrix sold 40,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $4.54, for a total transaction of $181,600.00. Following the completion of the transaction, the director now owns 316,709 shares of the company’s stock, valued at approximately $1,437,858.86. This trade represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard J. Hendrix sold 80,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the transaction, the director now directly owns 356,709 shares of the company’s stock, valued at $1,441,104.36. The trade was a 18.32 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their price target on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Craig Hallum lowered their price objective on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Robert W. Baird lowered their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $7.50 price objective on shares of Navitas Semiconductor in a research report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Navitas Semiconductor Stock Down 6.2 %

The stock has a market cap of $762.13 million, a price-to-earnings ratio of -9.71 and a beta of 2.37. The stock has a fifty day moving average of $2.59 and a two-hundred day moving average of $3.17.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, November 4th. 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 firm had revenue of $21.68 million for the quarter, compared to analysts’ expectations of $21.93 million. During the same quarter last year, the firm earned ($0.10) earnings per share. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. Equities research analysts anticipate that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its stake in shares of Navitas Semiconductor by 87.5% during the third quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company’s stock worth $19,677,000 after purchasing an additional 3,748,124 shares in the last quarter. State Street Corp lifted its stake in shares of Navitas Semiconductor by 4.0% during the third quarter. State Street Corp now owns 5,826,638 shares of the company’s stock worth $14,275,000 after purchasing an additional 221,575 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in shares of Navitas Semiconductor by 31.2% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,556,379 shares of the company’s stock worth $8,713,000 after purchasing an additional 845,664 shares in the last quarter. Masters Capital Management LLC lifted its stake in shares of Navitas Semiconductor by 90.0% during the second quarter. Masters Capital Management LLC now owns 1,900,000 shares of the company’s stock worth $7,467,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Navitas Semiconductor during the second quarter worth about $2,364,000. Institutional investors and hedge funds own 46.14% of the company’s stock.

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.