Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Eugene Sheridan Sells 238,668 Shares

Navitas Semiconductor Co. (NASDAQ:NVTS) CEO Eugene Sheridan sold 238,668 shares of Navitas Semiconductor stock in a transaction on Friday, June 13th. The stock was sold at an average price of $7.50, for a total transaction of $1,790,010.00. Following the sale, the chief executive officer now directly owns 461,332 shares of the company’s stock, valued at $3,459,990. This represents a 34.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Wednesday, June 11th, Eugene Sheridan sold 361,332 shares of Navitas Semiconductor stock. The stock was sold at an average price of $8.23, for a total transaction of $2,973,762.36.
• On Friday, May 23rd, Eugene Sheridan sold 2,155,783 shares of Navitas Semiconductor stock. The shares were sold at an average price of $4.49, for a total transaction of $9,679,465.67.

Navitas Semiconductor Trading Down 6.3%

NVTS opened at $7.32 on Monday. The stock has a market capitalization of $1.40 billion, a P/E ratio of -17.43 and a beta of 2.96. Navitas Semiconductor Co. has a 12 month low of $1.52 and a 12 month high of $9.17. The firm’s fifty day simple moving average is $3.38 and its 200 day simple moving average is $3.13.

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

Institutional Investors Weigh In On Navitas Semiconductor

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Navitas Semiconductor by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 9,997,486 shares of the company’s stock valued at $20,495,000 after acquiring an additional 123,598 shares in the last quarter. Geode Capital Management LLC lifted its position in Navitas Semiconductor by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 3,081,916 shares of the company’s stock valued at $11,005,000 after acquiring an additional 113,277 shares in the last quarter. Invesco Ltd. lifted its position in Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company’s stock worth $3,751,000 after buying an additional 331,832 shares in the last quarter. Bank of America Corp DE lifted its position in 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 worth $4,407,000 after buying an additional 794,371 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Navitas Semiconductor by 9.5% during the 4th quarter. Northern Trust Corp now owns 1,209,761 shares of the company’s stock worth $4,319,000 after buying an additional 104,906 shares in the last quarter. 46.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NVTS shares. Rosenblatt Securities boosted 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. Morgan Stanley lowered shares of Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $2.10 to $1.50 in a report on Monday, April 7th. Robert W. Baird decreased their price target on shares of Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Finally, Needham & Company LLC decreased their price target 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. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.