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Todd Glickman, the Senior Vice President, CFO, and Treasurer of Navitas Semiconductor Corp (NASDAQ:NVTS), a $455 million market cap semiconductor company, recently sold 13,644 shares of the company’s Class A common stock. The timing is notable as InvestingPro data shows the stock has declined 23% in the past week. The shares were sold at a price of $2.59 each, amounting to a total transaction value of $35,337. This sale was conducted in accordance with the company’s policy that requires sales to cover tax withholding obligations arising from the vesting of compensatory awards. Following this transaction, Glickman retains ownership of 684,497 shares, which includes both vested and unvested restricted stock units. According to InvestingPro, Navitas maintains a strong balance sheet with more cash than debt and a healthy current ratio of 5.69. Discover 12 additional exclusive ProTips and comprehensive analysis in the Pro Research Report.
In other recent news, Navitas Semiconductor reported its Q4 2024 earnings, revealing a revenue of $18 million, which fell short of the projected $23.99 million. Despite meeting market expectations with an EPS of -$0.06, the revenue miss was significant, contributing to concerns among investors. Full-year revenue for 2024, however, showed a 5% growth, reaching $83.3 million. The company maintains a strong cash position with $87 million in cash and no debt, providing some financial stability amid these challenges. Looking forward, Navitas anticipates a cyclical bottom in Q1 2025, with a recovery expected to begin in Q2. Meanwhile, Jefferies analysts have adjusted their outlook on Navitas, lowering the price target to $2.50 and maintaining a Hold position, citing weakened market demand and inventory issues. Navitas is working to reduce its breakeven point to $39 million per quarter, although Jefferies remains cautious about the company’s ability to achieve this quickly. These developments highlight the ongoing challenges and strategic adjustments Navitas is undertaking in response to market conditions.
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