Navitas Semiconductor: Insider Cash-Out of $117.5 Million Collides With a Slumping Stock
02.06.2026 - 01:05:34 | boerse-global.de
The disconnect at Navitas Semiconductor is becoming harder to ignore. While the stock has more than tripled this year on AI-driven optimism, the people closest to the company have been selling shares with abandon — and the buying side of the ledger sits at zero.
Over the past three months, insider sales at the gallium-nitride chipmaker totaled nearly $117.5 million. Not a single insider purchased a single share. The most telling trade came from CEO and president Chris Allexandre, who on May 27 offloaded 13,323 Class A shares at $31.81 apiece, pocketing roughly $424,000. After the sale, he still holds just over 1.07 million shares directly, according to a Form 4 filed with the SEC on May 29.
Since that transaction, the stock has moved decisively lower. By June 1, Navitas shares were trading at $26.60 — nearly $5 below the CEO’s sale price. In premarket action on May 30, the stock had already slipped to $25.90, signaling further weakness ahead. This week’s rout only deepened the gap: on Monday the stock plunged more than 8% to around $24.36, erasing some of the spectacular gains that had lifted the shares from $7.14 at the start of the year.
Revenue Reality After a 240% Run
That rally — a surge of more than 240% — was fueled by hopes that Navitas’s gallium-nitride (GaN) and silicon-carbide chips would become essential components in AI data centers. The company’s technology is indeed gaining traction: it recently demonstrated a 20-kilowatt power supply based on its GaNFast platform, operating at 1 MHz switching frequency and claiming a peak efficiency of 97.5%. The high-performance segment, which includes AI data centers, energy infrastructure, and industrial electrification, grew roughly 35% year-over-year in the first quarter.
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But the numbers that matter most remain underwhelming. Navitas generated just $8.6 million in revenue for the quarter ended March 31, 2026 — a sequential improvement of 18%, but still far below the $14.0 million reported in the same period last year. The GAAP gross margin was negative 9.3%, operating losses hit $27.8 million, and the net loss came in at $33.8 million. Cash and equivalents fell from $236.9 million at year-end 2025 to $221.0 million.
A Wide Gap Between Price and Analyst Targets
Management’s outlook for the current quarter offers some hope of narrowing the gap. Second-quarter revenue is expected to land at $10.0 million, plus or minus $0.5 million, representing sequential growth of more than 16%. The non-GAAP gross margin is guided to roughly 39.25%, which would be a significant improvement from the GAAP level last quarter.
Yet analysts remain deeply skeptical. The average price target on Navitas sits at $12.87 — less than half the current share price — and the consensus rating is “Hold.” At $24.36, the stock is trading at a hefty premium to where even the bulls see value.
The insider selling spree only amplifies the caution. While disposals by executives can stem from personal financial planning, the complete absence of insider buying over three months sends an unmistakable signal. The next quarterly report, expected in early August, will be the crucial test: either the operational momentum justifies the lofty valuation, or the stock’s retreat from its 52-week high of $33.82 has further to run.
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