Shares of Navitas Semiconductor Corp (NVTS) experienced a significant 24-hour plunge of 5.01% on Thursday, as investors reacted to news of substantial insider selling. The sharp decline was primarily triggered by the company's President and CEO, Eugene Sheridan, offloading a large portion of his holdings.

According to regulatory filings, Sheridan sold approximately 2.16 million shares of Navitas Semiconductor. This sizeable transaction by a high-ranking executive has raised concerns among investors about the company's future prospects and current valuation. The timing and scale of the CEO's share disposal have clearly unsettled the market, leading to increased selling pressure on the stock.

Adding to investor unease, another insider sale was reported on the same day. Gary Kent Wunderlich Jr., a director at Navitas Semiconductor Corporation, also disclosed a disposal of common shares, although the exact number was not specified in the available news reports. This additional insider selling has further contributed to the negative sentiment surrounding the stock.

The market's swift and severe reaction to these insider transactions underscores the importance investors place on such moves, particularly when they involve key executives like the CEO. As trading continues, market participants will likely be closely monitoring any further developments or statements from the company regarding these significant insider sales and their potential implications for Navitas Semiconductor's future.