Shares of Navitas Semiconductor Corp (NVTS) are set for a rough start in Friday's trading session, plummeting 5.19% in pre-market activity. This significant decline comes on the heels of news revealing substantial insider selling by key executives and board members.

The sell-off was primarily triggered by CEO Eugene Sheridan's sale of approximately 2.16 million shares, as reported in recent regulatory filings. Adding to investor concerns, two directors of the company, Gary Kent Wunderlich Jr. and David Moxam, also disposed of their holdings. Notably, Moxam sold 714,199 shares at $6.5 per share on May 27, retaining only 78,649 shares after the transaction.

The market's sharp reaction to these insider transactions underscores the weight investors place on such moves, especially when they involve high-ranking executives like the CEO. As trading continues, market participants are likely to closely monitor any further developments or statements from the company regarding these significant insider sales and their potential implications for Navitas Semiconductor's future prospects and current valuation.