Richard J. Hendrix, a director at Navitas Semiconductor Corp (NASDAQ:NVTS), recently sold 20,000 shares of the company's Class A Common Stock. The timing of this sale comes as InvestingPro data shows the stock has gained over 35% in the past week, with technical indicators suggesting overbought conditions. The shares were sold at a weighted-average price of $4.4457, amounting to a total transaction value of $88,914. Following this sale, Hendrix holds 296,709 shares indirectly through RJH Management Co., LLC.
Hendrix also maintains indirect ownership of 1,263,000 shares through Live Oak Sponsor Partners II, LLC and 32,366 shares through Live Oak Merchant Partners, LLC. Additionally, he directly owns 94,739 shares, which include 31,460 shares underlying unvested restricted stock units, and holds 71,807 shares through individual retirement accounts.
In other recent news, Navitas Semiconductor has reported significant developments. The company announced Q3 revenue of $21.7 million, despite an operational loss of $12.7 million due to market challenges and contract delays. To mitigate this, Navitas has initiated a cost reduction strategy, including a 14% workforce reduction, aimed at decreasing operating expenses by approximately $2 million each quarter.
Navitas has also expanded its board with industry expert Dr. Ranbir Singh, a seasoned expert in silicon carbide technology. This move is expected to further Navitas's growth in markets such as artificial intelligence, electric vehicles, and mobile technology.
In response to recent performance, Needham has maintained its Buy rating on Navitas but reduced the price target to $4.00 from $5.00. Similarly, Baird has adjusted its outlook on Navitas, lowering the price target to $5.00 from the previous $7.00, while maintaining an Outperform rating.
Navitas has recently 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. These are the recent developments at Navitas Semiconductor.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.