Insider Selling: Navitas Semiconductor Co. (NASDAQ:NVTS) Director Sells $3,956,004.55 in Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Brian Long sold 473,773 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $8.35, for a total value of $3,956,004.55. Following the sale, the director now owns 5,447,218 shares of the company’s stock, valued at $45,484,270.30. The trade was a 8.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Brian Long also recently made the following trade(s):

• On Thursday, June 12th, Brian Long sold 1,026,227 shares of Navitas Semiconductor stock. The stock was sold at an average price of $7.93, for a total value of $8,137,980.11.
• On Thursday, June 5th, Brian Long sold 31,460 shares of Navitas Semiconductor stock. The stock was sold at an average price of $6.83, for a total value of $214,871.80.
• On Wednesday, June 4th, Brian Long sold 2,955,509 shares of Navitas Semiconductor stock. The stock was sold at an average price of $6.61, for a total value of $19,535,914.49.
• On Friday, March 21st, Brian Long sold 47,189 shares of Navitas Semiconductor stock. The stock was sold at an average price of $2.36, for a total value of $111,366.04.

Navitas Semiconductor Trading Down 6.3%

NVTS opened at $7.32 on Monday. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -17.43 and a beta of 2.96. Navitas Semiconductor Co. has a 1 year low of $1.52 and a 1 year high of $9.17. The stock has a fifty day moving average price of $3.38 and a 200 day moving average price of $3.13.

Navitas Semiconductor (NASDAQ:NVTS) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, hitting 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 company had revenue of $14.02 million during the quarter, compared to analysts’ expectations of $14.01 million. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. The business’s quarterly revenue was down 39.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Institutional Trading of Navitas Semiconductor

A number of institutional investors and hedge funds have recently made changes to their positions in NVTS. Compass Capital Corp MA ADV acquired a new stake in shares of Navitas Semiconductor in the fourth quarter worth about $553,000. Edge Capital Group LLC acquired a new stake in shares of Navitas Semiconductor in the fourth quarter worth about $987,000. Bank of New York Mellon Corp lifted 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 worth $1,780,000 after buying an additional 107,828 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Navitas Semiconductor in the fourth quarter worth about $66,000. Finally, Charles Schwab Investment Management Inc. lifted 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 worth $3,737,000 after buying an additional 76,870 shares during the last quarter. Institutional investors and hedge funds own 46.14% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on NVTS. Morgan Stanley lowered 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 research report on Monday, April 7th. Needham & Company LLC reduced their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Rosenblatt Securities lifted their price objective on Navitas Semiconductor from $4.00 to $6.00 and gave the company a “buy” rating in a research report on Thursday, May 22nd. Finally, Robert W. Baird reduced their price objective on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.