Navitas Semiconductor Corp (NVTS) shares plummeted 5.03% during Thursday's trading session, following news of a significant insider sale. The company's stock price decline comes as investors react to the disposal of a large number of shares by a key executive.
According to a regulatory filing, Navitas Semiconductor's President and CEO Eugene Sheridan sold approximately 2.16 million shares of the company. This substantial reduction in the CEO's stake has raised concerns among investors about the company's future prospects and current valuation.
Insider sales, particularly those involving high-ranking executives like CEOs, are often closely watched by market participants as they can provide insights into the company's internal perspective. The size and timing of Sheridan's sale have clearly rattled the market, leading to a notable sell-off in Navitas Semiconductor's stock. As trading continues, investors will likely be watching closely for any further developments or statements from the company regarding this significant insider transaction.
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