Insider Selling: Navitas Semiconductor (NASDAQ:NVTS) Director Sells 873,488 Shares of Stock

Navitas Semiconductor Corporation (NASDAQ:NVTS) Director Dipender Saluja sold 873,488 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $8.10, for a total value of $7,075,252.80. Following the sale, the director owned 4,755,536 shares of the company’s stock, valued at $38,519,841.60. The trade was a 15.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

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

Navitas Semiconductor Stock Down 1.6%

Shares of Navitas Semiconductor stock traded down $0.13 during trading hours on Tuesday, reaching $7.83. 10,696,141 shares of the company’s stock were exchanged, compared to its average volume of 26,074,301. The business has a fifty day moving average of $10.20 and a two-hundred day moving average of $7.97. The company has a market capitalization of $1.80 billion, a P/E ratio of -12.23 and a beta of 3.14. Navitas Semiconductor Corporation has a 1 year low of $1.52 and a 1 year high of $17.79.

Navitas Semiconductor (NASDAQ:NVTS) last posted its quarterly earnings results on Monday, November 3rd. The company reported ($0.05) earnings per share for the quarter, hitting 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 firm had revenue of $10.11 million for the quarter, compared to the consensus estimate of $10.00 million. During the same period last year, the firm posted ($0.10) earnings per share. The company’s revenue for the quarter was down 53.4% on a year-over-year basis. As a group, research analysts predict that Navitas Semiconductor Corporation will post -0.51 EPS for the current year.

Wall Street Analysts Forecast Growth

NVTS has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Navitas Semiconductor in a report on Wednesday, October 8th. Jefferies Financial Group raised shares of Navitas Semiconductor to a “hold” rating in a research note on Tuesday, October 28th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $8.00 price target on shares of Navitas Semiconductor in a research report on Monday, November 10th. CJS Securities cut Navitas Semiconductor from an “outperform” rating to a “market perform” rating in a report on Monday, August 18th. Finally, Needham & Company LLC raised their target price on Navitas Semiconductor from $8.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.48.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Navitas Semiconductor by 23.6% during the third quarter. Vanguard Group Inc. now owns 13,360,648 shares of the company’s stock worth $96,464,000 after purchasing an additional 2,550,613 shares during the period. Jump Financial LLC acquired a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $11,243,000. BNP Paribas Financial Markets increased its stake in Navitas Semiconductor by 1,332.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,604,538 shares of the company’s stock worth $10,510,000 after buying an additional 1,492,512 shares during the period. Invesco Ltd. lifted its holdings in Navitas Semiconductor by 75.2% during the 2nd quarter. Invesco Ltd. now owns 3,206,008 shares of the company’s stock worth $20,999,000 after buying an additional 1,376,205 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Navitas Semiconductor by 1,742.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,428,386 shares of the company’s stock valued at $9,356,000 after buying an additional 1,350,857 shares during the period. 46.14% of the stock is currently owned by hedge funds and other institutional investors.

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.