Shares of Navitas Semiconductor Corp (NVTS) plummeted 5.03% during intraday trading on Thursday, following news that the company's President and CEO, Eugene Sheridan, sold a substantial portion of his holdings. This significant insider sale has raised concerns among investors about the company's future prospects.
According to a regulatory filing, Sheridan offloaded 2.16 million shares of Navitas Semiconductor. The timing and size of this transaction have caught the attention of market watchers, as insider selling, particularly by high-ranking executives, is often interpreted as a lack of confidence in the company's outlook.
The sharp decline in Navitas Semiconductor's stock price reflects the market's immediate reaction to this insider selling news. Investors are likely reassessing their positions in light of this development, leading to increased selling pressure. As the trading session progresses, market participants will be closely monitoring any further developments or statements from the company regarding this significant insider transaction.
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