Navitas Semiconductor (NVTS) President and CEO Eugene Sheridan sold a significant portion of his holdings in the company, the company said in a regulatory filing. On May 23, Sheridan sold 2,155,783 shares of Class A Common Stock at a weighted-average price of $4.49 per share. This transaction amounted to a total value of approximately $9.68M, according to the filing. Following the sale, Sheridan holds no direct shares in the company, but he maintains indirect ownership through various trusts, with the Eugene and Melissa Sheridan Trust holding 1,226,044 shares, the Lolas Trust owning 800,000 shares, and the GaNFast Trust owning 761,332 shares. Shares of Navitas Semiconductor are up over 10% in pre-market trading.
Don’t Miss TipRanks’ Half Year Sale
- Take advantage of TipRanks Premium for 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NVTS:
- Nvidia (NVDA) Powers AI Stocks Higher Ahead of Its Q1 Earnings Report
- Unusually active option classes on open May 27th
- Nvidia partners benefit from accelerating increase in power needs, says Stifel
- Navitas Partners with Nvidia for Data Center Innovation
- Navitas (NVTS) Skyrockets 163% after NVIDIA Picks It to Power AI Data Centers