Brian Long Sells 473,773 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Brian Long sold 473,773 shares of Navitas Semiconductor stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $8.35, for a total transaction of $3,956,004.55. Following the completion of the sale, the director now owns 5,447,218 shares in the company, valued at approximately $45,484,270.30. This represents a 8.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $7.93, for a total transaction of $8,137,980.11.
• On Thursday, June 5th, Brian Long sold 31,460 shares of Navitas Semiconductor stock. The shares were 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 shares were 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 shares were sold at an average price of $2.36, for a total value of $111,366.04.

Navitas Semiconductor Stock Down 6.3%

Shares of NVTS opened at $7.32 on Friday. The firm has a 50-day moving average price of $3.38 and a 200 day moving average price of $3.13. The firm has a market capitalization of $1.40 billion, a PE ratio of -17.43 and a beta of 2.96. Navitas Semiconductor Co. has a 52-week low of $1.52 and a 52-week high of $9.17.

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

Hedge Funds Weigh In On Navitas Semiconductor

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Navitas Semiconductor by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company’s stock valued at $20,495,000 after purchasing an additional 123,598 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Navitas Semiconductor by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company’s stock valued at $11,005,000 after purchasing an additional 113,277 shares in the last quarter. Invesco Ltd. boosted its position in shares of Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock valued at $3,751,000 after purchasing an additional 331,832 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Navitas Semiconductor by 180.5% during the 4th quarter. Bank of America Corp DE now owns 1,234,375 shares of the company’s stock valued at $4,407,000 after purchasing an additional 794,371 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Navitas Semiconductor by 9.5% during the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock valued at $4,319,000 after purchasing an additional 104,906 shares in the last quarter. Institutional investors own 46.14% of the company’s stock.

Analyst Ratings Changes

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