Navitas Semiconductor Corp (NASDAQ:NVTS) director Ranbir Singh recently sold 34,642 shares of the company's Class A common stock, according to a regulatory filing. The shares were sold at an average price of $4.27, generating a total of approximately $147,914. The transaction comes as the stock, currently trading at $4.35, has shown significant momentum with a 35% return over the past week. According to InvestingPro analysis, the stock's price movements have been notably volatile, with the company currently valued at approximately $808 million. This transaction was part of a "sales to cover" policy, which requires the sale of shares to cover tax obligations arising from the vesting of compensatory awards such as restricted stock units (RSUs).
On December 6, Singh also acquired 179,038 shares of Class A common stock, which were granted as RSUs. Of these, 162,661 shares vested immediately upon grant, while 16,377 shares are scheduled to vest at Navitas's 2025 annual stockholders' meeting, contingent upon Singh's continued service as a director.
Following these transactions, Singh holds 173,753 shares directly. Additionally, Singh has indirect beneficial ownership of 24,883,161 shares through SiCPower, LLC, where he serves as the sole manager. The company maintains strong liquidity with a current ratio of 5.59, and according to InvestingPro's Fair Value analysis, the stock is currently trading near its fair value.
In other recent news, Navitas Semiconductor reported Q3 revenue of $21.7 million, despite an operational loss of $12.7 million. The company attributed the shortfall to difficulties in the Industrial and Solar sectors, along with contract delays. In response, Navitas has initiated a cost reduction strategy, including a 14% workforce reduction.
Navitas also announced the appointment of Dr. Ranbir Singh, an expert in silicon carbide technology, to its board of directors. This development aligns with Navitas' focus on next-generation, clean-energy power solutions, and is expected to bolster the company's growth in markets such as artificial intelligence, electric vehicles, and mobile technology.
In terms of analyst outlooks, Needham maintained a Buy rating on Navitas but reduced the price target to $4.00. Similarly, Baird lowered its price target to $5.00, while maintaining an Outperform rating. Both firms anticipate a revenue rebound for Navitas in the upcoming years.
Navitas has also launched a new low-voltage GaN product and entered a strategic partnership with Infineon (OTC:IFNNY) for dual sourcing. Despite recent challenges, Navitas expects Q4 revenues to range between $18 million and $20 million. These are among the recent developments at Navitas Semiconductor.
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