Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Navitas Semiconductor Corp shares valued at $1,372,350 were sold by Sheridan Eugene on Aug 28 ’24. At $3.03 per share, Sheridan Eugene sold 453,190 shares. The insider’s holdings dropped to 2,608,441 shares worth approximately $6.26 million following the completion of this transaction.
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Also, Sheridan Eugene sold 265,148 shares, netting a total of over 805,944 in proceeds. Following the sale of shares at $3.04 each, the insider now holds 2,343,293 shares.
Before that, Sheridan Eugene had sold 193,662 shares from its account. In a trade valued at $587,745, the President & CEO traded Navitas Semiconductor Corp shares for $3.03 each. Upon closing the transaction, the insider’s holdings decreased to 193,662 shares, worth approximately $5.16 million.
As published in a research note from Jefferies on May 13, 2024, Navitas Semiconductor Corp [NVTS] has been rated down from a Buy to a Hold and the price target has been revised to $4 from $10. Analysts at Northland Capital started covering the stock with ‘”a Market perform”‘ outlook in a report released in mid January. As of August 29, 2023, Morgan Stanley has initiated its “an Equal-weight” rating for NVTS. Earlier on February 24, 2022, Rosenblatt initiated its rating. Their recommendation was “a Buy” for NVTS stock.
Analyzing NVTS Stock Performance
During the last five days, there has been a surge of approximately 3.45%. Over the course of the year, Navitas Semiconductor Corp shares have dropped approximately -70.26%. Shares of the company reached a 52-week high of $7.92 on 01/02/24 and a 52-week low of $2.22 on 09/10/24. A 50-day SMA is recorded $3.25, while a 200-day SMA reached $4.82. Nevertheless, trading volume fell to 2.0 million shares from 3.41 million shares the previous day.
Support And Resistance Levels for Navitas Semiconductor Corp (NVTS)
According to the 24-hour chart, there is a support level at 2.33, which, if violated, would cause prices to drop to 2.27. In the upper region, resistance lies at 2.44. The next price resistance is at 2.49. RSI (Relative Strength Index) is 39.58 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.12, which suggests the price will decrease in the coming days. Percent R is at 81.40%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
