Nvidia Supplier Navitas Sees Shares Outperform Semiconductor Index After Bruising Sell-Off
$NVIDIA Corp(NVDA)$
Navitas, the fifth most active stock over the past week, advanced 2.7%, outpacing a 0.8% gain for the $PHLX Semiconductor Index (.SOX.US)$, while the broader $S&P 500 Index (.SPX.US)$ slipped. Navitas ranked behind $Tesla (TSLA.US)$, $NVIDIA (NVDA.US)$, $Palantir (PLTR.US)$ and $UnitedHealth (UNH.US)$ among the stocks with the biggest trading volume on the app.
Shares of the company that develops gallium nitride (GaN) and silicon carbide (SiC) power semiconductors are recovering after a series of insider-selling helped fuel a slump over the past three days.
After the market closed on Friday, independent director Ranbir Singh’s SiCPower disclosed a series of stock sales totaling 493,119 shares with a market value of about $3.31 million. SiCPower holds a 10% stake in the company, according to its filing with the Securities and Exchange Commission.
The transactions add to a series of sales of Navitas shares by SiCPower, the trust over which Singh exercises the sole voting and dispositive power. On May 27, when the stock climbed 47%, the trust sold $752,405 worth of shares.
Independent director, David Moxam also informed the SEC about the sale of 714,199 shares valued at $4.66 million last week. Days earlier, CEO Eugene Sheridan filed to sell 2.16 million shares worth $9.68 million.
Navitas shares resumed their rally Monday, adding to their 164% monthly rally that was propelled by a recent announcement that it's developing next-generation architecture to support Nvidia's rack-scale systems powering the AI giant's Rubin Ultra.
The collaboration "highlights best-in-class" gallium nitride (GaN) and GeneSiC architectures, Bloomberg quoted Baird analyst Tristan Gerra as saying. The analyst has an outperform rating on the stock with a price target of $4.
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