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In a recent transaction, David Moxam, a director at Navitas Semiconductor Corp (NASDAQ:NVTS), sold 33,000 shares of the company's Class A Common Stock. The sale totaled approximately $103,260, with the shares sold at a weighted average price of $3.1291 each. The transactions occurred in multiple trades with prices ranging from $3.0350 to $3.1650 per share.
Following this sale, Moxam's holdings in Navitas Semiconductor decreased to 867,848 shares of Class A Common Stock. The sale took place on August 15, 2024, as reported in the latest filings with the Securities and Exchange Commission.
Navitas Semiconductor, recognized for its advancements in semiconductors and related devices, continues to be a key player in the industry. The company, incorporated in Delaware and with a business address in Torrance, California, operates under the trading symbol NVTS on NASDAQ.
Investors often keep a close eye on insider transactions as they can provide insights into the company's performance and the confidence level of its executives and directors in the business's prospects. The details of the sale, including the range of prices at which the stock was sold, have been provided as per regulatory requirements.
In other recent news, Navitas Semiconductor announced Q2 2024 earnings with revenues reaching $20.5 million, marking a 40% increase year-over-year. This growth is largely attributed to the company's gallium nitride (GaN) technology, including GaNSafe integrated circuits and Generation 3 fast silicon carbide technology. Despite a robust balance sheet featuring $112 million in cash and no debt, Navitas reported an operational loss of $13.3 million for the quarter.
The company anticipates Q3 revenues to be around $22 million, with a projected gross margin of approximately 40%. Navitas is expanding its AC to DC server power supply platforms, with seven new data center design wins in Q2. The company also reported over 200 customer projects and 15 new design wins in the electric vehicle market in the same quarter.
In addition, 25 new design wins in the appliance and industrial segments are expected to ramp up production in the coming year or by 2026. While the solar industry faces a slowdown, Navitas continues to progress with over 100 customer projects. CEO Gene Sheridan expressed confidence in Navitas Semiconductor's growth trajectory, especially for the upcoming year, highlighting the company's solid short-term backlog coverage and the absence of project delays or cancellations.
InvestingPro Insights
Navitas Semiconductor Corp (NASDAQ:NVTS) has recently seen notable insider activity, with director David Moxam selling a significant number of shares. To provide further context to this development, let's delve into some key metrics and insights from InvestingPro.
Despite the insider sale, Navitas Semiconductor holds a strong liquidity position, as indicated by an InvestingPro Tip that highlights the company's cash reserves exceeding its debt. This could signal a stable financial footing, which might reassure investors about the company's ability to manage its finances in the short term.
On the performance front, Navitas Semiconductor has demonstrated a significant return over the last week, with a 10.1% price total return, as per InvestingPro Data. This contrasts with a more turbulent longer-term performance, where the stock has experienced a 60.1% decline over the past year.
Investors should also be aware that the company's market capitalization currently stands at $576.97 million, and it has a negative P/E ratio of -11.04, reflecting market sentiment about its earnings potential. Moreover, the company has not been profitable over the last twelve months, which is an essential factor for potential investors to consider.
For those interested in further insights and metrics, there are additional InvestingPro Tips available that could shed more light on Navitas Semiconductor's performance and outlook. These tips include analyst revisions on earnings forecasts and the stock's volatility, which could influence investment decisions.
For a deeper analysis and more InvestingPro Tips, interested parties can visit https://www.investing.com/pro/NVTS, where a wealth of information is available to help make informed investment choices.
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