Richard J. Hendrix Sells 229,455 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Richard J. Hendrix sold 229,455 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $4.48, for a total value of $1,027,958.40. Following the completion of the sale, the director now directly owns 94,739 shares in the company, valued at approximately $424,430.72. This represents a 70.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Navitas Semiconductor Stock Performance

NASDAQ NVTS traded up $2.09 during trading on Tuesday, reaching $6.50. 268,086,926 shares of the company traded hands, compared to its average volume of 6,499,865. The stock’s 50 day moving average price is $2.10 and its two-hundred day moving average price is $2.69. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -15.48 and a beta of 2.24. Navitas Semiconductor Co. has a 1-year low of $1.52 and a 1-year high of $7.49.

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, meeting analysts’ consensus estimates of ($0.06). The company had revenue of $14.02 million for the quarter, compared to the consensus estimate 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 quarterly revenue was down 39.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.06) earnings per share. Equities research analysts expect that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Navitas Semiconductor

Institutional investors have recently added to or reduced their stakes in the stock. Simplicity Wealth LLC acquired a new stake in Navitas Semiconductor during the first quarter valued at approximately $26,000. Larson Financial Group LLC bought a new position in shares of Navitas Semiconductor in the first quarter valued at approximately $28,000. Benjamin Edwards Inc. bought a new position in shares of Navitas Semiconductor in the first quarter valued at approximately $31,000. Goodman Financial Corp bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $36,000. Finally, Caption Management LLC bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $36,000. 46.14% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Robert W. Baird decreased 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. Morgan Stanley downgraded Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Rosenblatt Securities lifted their target price on Navitas Semiconductor from $4.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Finally, Needham & Company LLC decreased their target price 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. One 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.com, the company presently has an average rating of “Moderate Buy” and an average price target of $3.79.

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.