Navitas Semiconductor Co. (NASDAQ:NVTS) Director Brian Long Sells 2,955,509 Shares

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Brian Long sold 2,955,509 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $6.61, for a total value of $19,535,914.49. Following the completion of the sale, the director now owns 5,920,991 shares in the company, valued at approximately $39,137,750.51. This represents a 33.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• 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 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 Performance

NASDAQ:NVTS opened at $6.05 on Friday. The company has a market capitalization of $1.16 billion, a P/E ratio of -14.40 and a beta of 2.96. The stock’s 50 day moving average price is $2.71 and its 200 day moving average price is $2.91. Navitas Semiconductor Co. has a 52 week low of $1.52 and a 52 week high of $7.53.

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

Wall Street Analysts Forecast Growth

NVTS has been the subject of a number of research analyst reports. Rosenblatt Securities upped their price target on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the company a “buy” rating in a report on Thursday, May 22nd. Needham & Company LLC reduced their target price on shares of Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Morgan Stanley lowered shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. 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 note on Wednesday, March 5th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.79.

Institutional Investors Weigh In On Navitas Semiconductor

Large investors have recently added to or reduced their stakes in the stock. SCS Capital Management LLC bought a new position in shares of Navitas Semiconductor in the first quarter valued at approximately $567,000. Hsbc Holdings PLC lifted its position in Navitas Semiconductor by 980.4% during the 1st quarter. Hsbc Holdings PLC now owns 158,566 shares of the company’s stock worth $323,000 after acquiring an additional 143,890 shares during the last quarter. American Century Companies Inc. boosted its holdings in Navitas Semiconductor by 650.6% during the first quarter. American Century Companies Inc. now owns 117,873 shares of the company’s stock valued at $242,000 after acquiring an additional 102,169 shares during the period. Nuveen LLC bought a new position in shares of Navitas Semiconductor in the first quarter worth about $675,000. Finally, Invesco Ltd. boosted its stake in 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 during the period. Institutional investors own 46.14% of the company’s stock.

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.