Gary Kent Wunderlich Jr., a director at Navitas Semiconductor Corp (NASDAQ:NVTS), recently sold 10,000 shares of the company's Class A Common Stock. The semiconductor company, currently valued at approximately $808 million, has seen its stock surge over 35% in the past week. According to InvestingPro analysis, the stock's RSI indicates overbought conditions. The sale took place on December 6, with shares sold at a weighted-average price of $3.2705, amounting to a total transaction value of $32,705. Following this transaction, Wunderlich holds 32,366 shares indirectly through Live Oak Merchant Partners, LLC.
Additionally, Wunderlich retains various indirect holdings through Live Oak Sponsor Partners II, LLC, and other entities, totaling over 1.6 million shares. His direct holdings include 438,764 shares, with an additional 31,460 shares underlying restricted stock units subject to vesting conditions.
In other recent news, Navitas Semiconductor reported a robust Q3 revenue of $21.7 million despite an operational loss of $12.7 million. The power semiconductor company attributes this shortfall to market challenges in the Industrial and Solar sectors and contract delays. To address this, Navitas has initiated a cost reduction strategy, including a 14% workforce reduction, aimed at decreasing operating expenses by approximately $2 million each quarter.
In the wake of these developments, Needham and Baird have adjusted their outlook on Navitas. Needham maintained its Buy rating but reduced the price target to $4.00 from $5.00, while Baird maintained an Outperform rating but lowered the price target to $5.00 from the previous $7.00. Both firms anticipate a revenue rebound for Navitas in the upcoming years.
Moreover, Navitas recently welcomed Dr. Ranbir Singh, an expert in silicon carbide technology, to its board of directors. This strategic appointment is expected to further Navitas's growth in markets such as artificial intelligence, electric vehicles, and mobile technology. Navitas also launched a new low-voltage GaN product and entered a strategic partnership with Infineon (OTC:IFNNY) for dual sourcing. The company expects Q4 revenues to range between $18 million and $20 million, reflecting these recent developments.
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