Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Sells $586,795.86 in Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Eugene Sheridan sold 193,662 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $3.03, for a total transaction of $586,795.86. Following the transaction, the chief executive officer now owns 2,149,631 shares in the company, valued at approximately $6,513,381.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Eugene Sheridan also recently made the following trade(s):

• On Wednesday, August 28th, Eugene Sheridan sold 453,190 shares of Navitas Semiconductor stock. The shares were sold at an average price of $3.03, for a total transaction of $1,373,165.70.

Navitas Semiconductor Stock Down 2.6 %

Shares of Navitas Semiconductor stock traded down $0.08 on Friday, hitting $3.02. The stock had a trading volume of 2,985,928 shares, compared to its average volume of 2,669,872. Navitas Semiconductor Co. has a one year low of $2.87 and a one year high of $8.95. The stock has a market cap of $552.97 million, a price-to-earnings ratio of -5.92 and a beta of 2.42. The stock’s 50-day simple moving average is $3.68 and its two-hundred day simple moving average is $4.30.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, August 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Navitas Semiconductor had a negative return on equity of 21.22% and a negative net margin of 97.75%. The firm had revenue of $20.50 million during the quarter, compared to the consensus estimate of $20.01 million. During the same quarter in the prior year, the business posted ($0.12) EPS. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities analysts predict that Navitas Semiconductor Co. will post -0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in NVTS. New York State Common Retirement Fund lifted its position in Navitas Semiconductor by 9.0% during the fourth quarter. New York State Common Retirement Fund now owns 967,783 shares of the company’s stock valued at $7,810,000 after buying an additional 79,722 shares during the period. Atria Wealth Solutions Inc. purchased a new position in Navitas Semiconductor during the fourth quarter valued at $81,000. Russell Investments Group Ltd. lifted its position in Navitas Semiconductor by 25.0% during the fourth quarter. Russell Investments Group Ltd. now owns 65,328 shares of the company’s stock valued at $527,000 after buying an additional 13,081 shares during the period. Victory Capital Management Inc. lifted its position in Navitas Semiconductor by 23.9% during the fourth quarter. Victory Capital Management Inc. now owns 15,842 shares of the company’s stock valued at $128,000 after buying an additional 3,052 shares during the period. Finally, TCG Advisory Services LLC purchased a new position in Navitas Semiconductor during the fourth quarter valued at $132,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Jefferies Financial Group restated a “hold” rating and set a $4.00 price target (down previously from $10.00) on shares of Navitas Semiconductor in a research note on Monday, May 13th. Rosenblatt Securities restated a “buy” rating and set a $10.00 price target on shares of Navitas Semiconductor in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Navitas Semiconductor from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Morgan Stanley reduced their target price on shares of Navitas Semiconductor from $4.60 to $3.50 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Finally, Robert W. Baird reduced their target price on shares of Navitas Semiconductor from $12.00 to $7.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.00.

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.