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Gary Kent Wunderlich Jr., a director at Navitas Semiconductor Corp (NASDAQ:NVTS), recently sold 15,000 shares of Class A Common Stock. The shares were sold at a weighted-average price of $2.3873 per share, totaling approximately $35,809. Following the transaction, Wunderlich holds 42,366 shares indirectly through Live Oak Merchant Partners, LLC. Additionally, he maintains other holdings in various capacities, including through Live Oak Sponsor Partners II, LLC and individual retirement accounts.
In other recent news, Navitas Semiconductor has made several notable announcements. The company reported a Q3 revenue of $21.7 million, driven by peak Gallium Nitride (GaN) shipments, despite an operational loss of $12.7 million. In response to the current economic climate, Navitas has initiated a cost reduction strategy, which includes a 14% reduction in workforce, expected to decrease operating expenses by approximately $2 million each quarter.
Navitas has also entered a strategic partnership with Infineon (OTC:IFNNY), signaling potential growth in its market presence. Financial services firms Needham and Baird have revised their outlooks on Navitas, reducing their price targets but maintaining their positive ratings.
Looking ahead, Navitas expects Q4 revenues to range between $18 million and $20 million. The company maintains a strong financial status with $99 million in cash and no debt. These are among the recent developments at Navitas Semiconductor.
InvestingPro Insights
The recent insider sale by Gary Kent Wunderlich Jr. at Navitas Semiconductor Corp (NASDAQ:NVTS) comes at a time when the company's stock has shown significant volatility. According to InvestingPro data, NVTS has experienced a remarkable 49.46% price return in just one week, despite a 61.5% decline over the past year. This stark contrast highlights the stock's volatile nature, which is further supported by an InvestingPro Tip indicating that "stock price movements are quite volatile."
While the company's revenue growth stands at an impressive 38.99% for the last twelve months as of Q3 2023, Navitas is facing challenges on the profitability front. An InvestingPro Tip reveals that the company is "quickly burning through cash" and "not profitable over the last twelve months." This aligns with the reported operating income margin of -129.65% for the same period.
Despite these challenges, Navitas maintains a strong balance sheet position. An InvestingPro Tip notes that the company "holds more cash than debt on its balance sheet" and "liquid assets exceed short term obligations." This financial stability could provide some reassurance to investors amidst the company's current profitability struggles.
For readers interested in a more comprehensive analysis, InvestingPro offers 10 additional tips for NVTS, providing a deeper understanding of the company's financial health and market position.
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