Navitas Semiconductor director Richard J. Hendrix sells shares for $218,817

Richard J. Hendrix, a director at Navitas Semiconductor Corp (NASDAQ:NVTS), not too long ago offered a complete of fifty,000 shares of the corporate’s Class A typical inventory. The transactions, disclosed in a current SEC submitting, occurred on December 6 and December 9, 2024. The gross sales come because the inventory has proven vital momentum, with InvestingPro information exhibiting a outstanding 35.5% return over the previous week and buying and selling at $4.35 per share.

On December 6, Hendrix offered 10,000 shares at a weighted common worth of roughly $3.7205 per share, totaling $37,205. Just a few days later, on December 9, he offered an extra 40,000 shares at a weighted common worth of about $4.5403 per share, amounting to $181,612.

Following these transactions, Hendrix holds 32,366 shares not directly by Stay Oak Service provider Companions, LLC and 316,709 shares by RJH Administration Co., LLC. Moreover, different holdings embody 1,263,000 shares by way of Stay Oak Sponsor Companions II, LLC and 71,807 shares by particular person retirement accounts.

These gross sales mirror Hendrix’s ongoing administration of his stake in Navitas Semiconductor, an organization recognized for its work in semiconductors and associated units.

In different current information, Navitas Semiconductor has been the topic of a number of key developments. The corporate reported Q3 income of $21.7 million, regardless of an operational lack of $12.7 million. This was attributed to challenges within the industrial and photo voltaic sectors, together with contract delays. In response, Navitas initiated a price discount technique, together with a 14% workforce discount, geared toward lowering working bills by roughly $2 million every quarter.

Navitas Semiconductor not too long ago expanded its board with trade professional Dr. Ranbir Singh, following the acquisition of GeneSiC Semiconductor. Dr. Singh brings over 20 years of expertise in silicon carbide (SiC) know-how, which is anticipated to additional Navitas’s development in markets resembling synthetic intelligence, electrical automobiles, and cellular know-how.

Within the realm of analyst notes, each Needham and Baird have adjusted their outlooks on Navitas. Needham maintained its Purchase ranking however diminished the worth goal to $4.00 from $5.00, whereas Baird lowered the worth goal to $5.00 from the earlier $7.00, sustaining an Outperform ranking. Each companies anticipate a income rebound for Navitas within the upcoming years.

The corporate has additionally launched a brand new low-voltage GaN product and entered a strategic partnership with Infineon (OTC:IFNNY) for twin sourcing. Navitas expects This autumn revenues to vary between $18 million and $20 million. These are the current developments at Navitas Semiconductor.

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