Richard J. Hendrix Sells 80,000 Shares of Navitas Semiconductor Co. (NASDAQ:NVTS) Stock

Navitas Semiconductor Co. (NASDAQ:NVTS) Director Richard J. Hendrix sold 80,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.04, for a total transaction of $323,200.00. Following the sale, the director now directly owns 356,709 shares of the company’s stock, valued at approximately $1,441,104.36. This represents a 18.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Navitas Semiconductor Price Performance

NASDAQ:NVTS opened at $3.77 on Friday. The stock has a market cap of $704.24 million, a PE ratio of -8.98 and a beta of 2.37. The business’s 50-day simple moving average is $2.48 and its two-hundred day simple moving average is $3.16. Navitas Semiconductor Co. has a 52 week low of $1.75 and a 52 week high of $8.44.

Navitas Semiconductor (NASDAQ:NVTS) last issued its earnings results on Monday, November 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The company had revenue of $21.68 million for the quarter, compared to the consensus estimate of $21.93 million. During the same quarter last year, the company earned ($0.10) EPS. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. Sell-side analysts anticipate that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds have recently modified their holdings of NVTS. Benjamin Edwards Inc. bought a new stake in Navitas Semiconductor in the 3rd quarter valued at $36,000. Bleakley Financial Group LLC purchased a new position in shares of Navitas Semiconductor during the third quarter valued at about $41,000. GSA Capital Partners LLP purchased a new stake in shares of Navitas Semiconductor in the third quarter worth about $44,000. DRW Securities LLC bought a new position in Navitas Semiconductor during the second quarter valued at approximately $46,000. Finally, Wedbush Securities Inc. purchased a new position in Navitas Semiconductor during the 2nd quarter valued at approximately $49,000. Hedge funds and other institutional investors own 46.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NVTS. Robert W. Baird reduced their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Craig Hallum cut their price target on Navitas Semiconductor from $6.50 to $4.25 and set a “buy” rating for the company in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft decreased their price objective on Navitas Semiconductor from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $7.50 price objective on shares of Navitas Semiconductor in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.75.

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.