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

Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) Director Richard J. Hendrix sold 80,000 shares of the business's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $4.04, for a total value of $323,200.00. Following the transaction, the director now directly owns 356,709 shares of the company's stock, valued at $1,441,104.36. This trade represents a 18.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Navitas Semiconductor Stock Performance

Shares of Navitas Semiconductor stock remained flat at $3.77 during midday trading on Friday. The company had a trading volume of 12,915,462 shares, compared to its average volume of 2,942,480. The stock has a market capitalization of $704.22 million, a price-to-earnings ratio of -8.98 and a beta of 2.37. The stock's fifty day moving average is $2.48 and its two-hundred day moving average is $3.16. Navitas Semiconductor Co. has a one year low of $1.75 and a one year high of $8.44.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The company had revenue of $21.68 million during the quarter, compared to analysts' expectations of $21.93 million. Navitas Semiconductor had a negative net margin of 84.61% and a negative return on equity of 23.64%. Navitas Semiconductor's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.10) earnings per share. Research analysts forecast that Navitas Semiconductor Co. will post -0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. M&T Bank Corp grew its stake in Navitas Semiconductor by 29.6% during the third quarter. M&T Bank Corp now owns 159,804 shares of the company's stock worth $392,000 after purchasing an additional 36,504 shares during the period. State Street Corp boosted its holdings in shares of Navitas Semiconductor by 4.0% during the 3rd quarter. State Street Corp now owns 5,826,638 shares of the company's stock worth $14,275,000 after buying an additional 221,575 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Navitas Semiconductor during the 3rd quarter worth approximately $172,000. Point72 Asset Management L.P. grew its position in shares of Navitas Semiconductor by 87.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 8,031,474 shares of the company's stock worth $19,677,000 after buying an additional 3,748,124 shares during the period. Finally, Centiva Capital LP bought a new stake in shares of Navitas Semiconductor in the 3rd quarter valued at $195,000. 46.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on NVTS. Deutsche Bank Aktiengesellschaft lowered their target price on Navitas Semiconductor from $6.00 to $4.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Craig Hallum dropped their price objective on shares of Navitas Semiconductor from $6.50 to $4.25 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Rosenblatt Securities reiterated a "buy" rating and set a $7.50 price target on shares of Navitas Semiconductor in a report on Thursday, October 31st. Finally, Robert W. Baird cut their price objective on Navitas Semiconductor from $7.00 to $5.00 and set an "outperform" rating on the stock in a report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $4.75.

Navitas Semiconductor Company Profile

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.

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