Richard J. Hendrix, a director at Navitas Semiconductor Corp (NASDAQ:NVTS), recently sold a total of 50,000 shares of the company's Class A common stock. The transactions, disclosed in a recent SEC filing, occurred on December 6 and December 9, 2024. The sales come as the stock has shown significant momentum, with InvestingPro data showing a remarkable 35.5% return over the past week and trading at $4.35 per share.
On December 6, Hendrix sold 10,000 shares at a weighted average price of approximately $3.7205 per share, totaling $37,205. A few days later, on December 9, he sold an additional 40,000 shares at a weighted average price of about $4.5403 per share, amounting to $181,612.
Following these transactions, Hendrix holds 32,366 shares indirectly through Live Oak Merchant Partners, LLC and 316,709 shares through RJH Management Co., LLC. Additionally, other holdings include 1,263,000 shares via Live Oak Sponsor Partners II, LLC and 71,807 shares through individual retirement accounts.
These sales reflect Hendrix's ongoing management of his stake in Navitas Semiconductor, a company known for its work in semiconductors and related devices.
In other recent news, Navitas Semiconductor has been the subject of several key developments. The company reported Q3 revenue of $21.7 million, despite an operational loss of $12.7 million. This was attributed to challenges in the industrial and solar sectors, along with contract delays. In response, Navitas initiated a cost reduction strategy, including a 14% workforce reduction, aimed at decreasing operating expenses by approximately $2 million each quarter.
Navitas Semiconductor recently expanded its board with industry expert Dr. Ranbir Singh, following the acquisition of GeneSiC Semiconductor. Dr. Singh brings over two decades of experience in silicon carbide (SiC) technology, which is expected to further Navitas's growth in markets such as artificial intelligence, electric vehicles, and mobile technology.
In the realm of analyst notes, 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, maintaining an Outperform rating. Both firms anticipate a revenue rebound for Navitas in the upcoming years.
The company has also launched a new low-voltage GaN product and entered a strategic partnership with Infineon (OTC:IFNNY) for dual sourcing. Navitas expects Q4 revenues to range between $18 million and $20 million. These are the recent developments at Navitas Semiconductor.
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