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Navitas semiconductor director Saluja sells shares worth over $1.1 million

Published 06/10/2024, 05:12 PM
NVTS
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Navitas Semiconductor Corp (NASDAQ:NVTS) has reported that Dipender Saluja, a member of the company's board of directors, has sold a significant number of shares. According to the latest filings, Saluja disposed of a total of 261,179 shares over three separate transactions, netting over $1.1 million.

The sales took place between June 6 and June 10, with the prices per share ranging from $4.4507 to $4.5609. On June 6, Saluja sold 87,060 shares at an average price of $4.5609. The following day, an identical number of shares were sold at a slightly lower average price of $4.4916. The final transaction, on June 10, saw Saluja sell another 87,059 shares at an average price of $4.4507.

These transactions were executed in multiple trades, with the prices for the June 6 and June 7 sales ranging from $4.4100 to $4.6400, and the June 10 sales ranging from $4.2700 to $4.5500. The prices reported reflect the weighted average sale price for each day.

In addition to the sales, the SEC filing also indicates that Saluja acquired 31,460 shares of Navitas Semiconductor through the vesting of restricted stock units (RSUs) on June 7. These units were granted as part of the company's non-employee director compensation program and are set to vest fully immediately before the company's 2025 annual stockholders' meeting, contingent upon Saluja's continued service on the board.

Following these transactions, Saluja's directly and indirectly held shares in Navitas Semiconductor have seen a change. The shares sold were held by Capricorn-Libra Investment Group, LP, and Technology Impact Fund, L.P., where Saluja serves as managing director. He has disclaimed beneficial ownership of these shares, except to the extent of his pecuniary interest.

Investors and market watchers often monitor insider transactions such as these for insights into executives' perspectives on their company's stock. The sale of shares by a company director can be a routine part of personal financial management but is always noteworthy given their unique insights into the company's operations and prospects.

In other recent news, Navitas Semiconductor has experienced significant changes in its financial landscape. The company reported a year-over-year revenue increase of 73% in the first quarter, reaching $23.2 million. However, it also incurred an operational loss of $11.8 million in the same period. Navitas' management has highlighted the addition of new designs across various markets, which are projected to generate an estimated $1.6 billion in revenue, up from $1.2 billion in December.

Rosenblatt Securities has responded to these developments by adjusting its price target for Navitas from $12 to $10, while maintaining a Buy rating. The adjustment reflects a slower-than-expected adoption rate for Navitas' Gallium Nitride and Silicon Carbide products due to broader economic conditions. Despite this, Rosenblatt remains optimistic about the company's value.

In anticipation of the second quarter, Navitas expects revenues of $20 million, indicating over 10% YoY growth, with a projected gross margin of around 40%. These recent developments reflect the ongoing changes in the semiconductor industry and the company's efforts to navigate them.

InvestingPro Insights

Amidst the news of Dipender Saluja's share transactions, Navitas Semiconductor Corp's (NASDAQ:NVTS) financial health and market performance offer additional context for investors. An InvestingPro Tip highlights that Navitas holds more cash than debt on its balance sheet, which could be a sign of financial stability and potential resilience against market volatility. Additionally, the company's liquid assets exceed its short-term obligations, suggesting a comfortable liquidity position that may reassure investors looking for signs of operational efficiency.

However, the stock's trajectory has been marked by significant price fluctuations, as another InvestingPro Tip notes the company's stock price movements are quite volatile. This volatility is evident in the price total returns, with a notable increase over the last week by 8.27%, yet a stark contrast over the last six months, where the stock took a hit with a -40.98% return.

From an investment valuation standpoint, Navitas Semiconductor's market cap currently stands at $831.28M USD. The P/E Ratio is negative at -9.01, reflecting the InvestingPro Tip that analysts do not anticipate the company will be profitable this year. Moreover, the company's Revenue Growth over the last twelve months as of Q1 2024 is impressive at 100.34%, which could indicate potential for future growth despite current profitability challenges.

For those interested in a deeper analysis, there are more InvestingPro Tips available that could shed light on Navitas Semiconductor's performance and outlook. With the use of coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to valuable investment insights. Visit https://www.investing.com/pro/NVTS to explore these tips and make informed decisions backed by comprehensive data and expert analysis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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