Gary Kent Wunderlich Jr., a director at Navitas Semiconductor Corp (NASDAQ:NVTS), recently sold 75,000 shares of the company's Class A common stock. The transaction, which took place on December 10, was executed at a price of $4.50 per share, amounting to a total of $337,500. Following this sale, Wunderlich holds 395,224 shares directly. According to InvestingPro data, NVTS has shown significant momentum with a 35% return over the past week, though the stock remains notably volatile. The company currently trades near its InvestingPro Fair Value, with a market capitalization of approximately $765 million.
For deeper insights into NVTS's financial health and future prospects, InvestingPro subscribers can access 8 additional ProTips and a comprehensive Pro Research Report, part of our coverage of 1,400+ US stocks. In addition to his direct holdings, Wunderlich has indirect ownership through various entities and accounts. This includes 1,263,000 shares held by Live Oak Sponsor Partners II, LLC, 156,809 shares in an individual retirement account, and additional shares held in other trusts and entities. These indirect holdings reflect Wunderlich's broader investment strategy and affiliations with related organizations.
In other recent news, Navitas Semiconductor reported a Q3 revenue of $21.7 million, despite an operational loss of $12.7 million. The company attributed these results to market challenges in the Industrial and Solar sectors, along with contract delays. To address this, Navitas has initiated a cost reduction strategy, including a 14% workforce reduction, aimed at decreasing operating expenses by approximately $2 million each quarter.
Navitas Semiconductor also announced the appointment of Dr. Ranbir Singh to its board of directors. Dr. Singh, a seasoned expert in silicon carbide technology, brings over two decades of experience to the company's leadership. His expertise is expected to further Navitas's growth in markets such as artificial intelligence, electric vehicles, and mobile technology.
In the analyst world, both Needham and Baird have adjusted their outlooks on Navitas. Needham maintained its Buy rating but reduced the price target to $4.00 from $5.00, while Baird lowered the price target to $5.00 from the previous $7.00, but maintained an Outperform rating. Both firms anticipate a revenue rebound for Navitas in the upcoming years.
Finally, Navitas has recently launched a new low-voltage GaN product and entered a strategic partnership with Infineon (OTC:IFNNY) for dual sourcing. It expects Q4 revenues to range between $18 million and $20 million. These are among the recent developments at Navitas Semiconductor.
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