Prosperity Wealth Management Inc. Invests $186,000 in Navitas Semiconductor Co. (NASDAQ:NVTS)

Prosperity Wealth Management Inc. purchased a new position in Navitas Semiconductor Co. (NASDAQ:NVTS) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 52,150 shares of the company’s stock, valued at approximately $186,000.

Other institutional investors have also recently made changes to their positions in the company. Benjamin Edwards Inc. bought a new position in shares of Navitas Semiconductor in the third quarter worth $36,000. GSA Capital Partners LLP bought a new position in Navitas Semiconductor in the third quarter valued at $44,000. Raymond James Financial Inc. bought a new position in Navitas Semiconductor in the fourth quarter valued at $44,000. Signature Wealth Management Partners LLC bought a new position in Navitas Semiconductor in the fourth quarter valued at $51,000. Finally, PEAK6 Investments LLC bought a new position in Navitas Semiconductor in the third quarter valued at $62,000. Institutional investors own 46.14% of the company’s stock.

Navitas Semiconductor Trading Down 3.9 %

Shares of NASDAQ:NVTS opened at $2.44 on Thursday. The stock’s 50-day moving average price is $3.04 and its 200-day moving average price is $2.84. Navitas Semiconductor Co. has a 12-month low of $1.75 and a 12-month high of $5.38. The stock has a market capitalization of $455.78 million, a P/E ratio of -5.81 and a beta of 2.23.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NVTS shares. Needham & Company LLC reissued a “buy” rating and issued a $4.00 target price on shares of Navitas Semiconductor in a research note on Tuesday, February 25th. Rosenblatt Securities reissued a “buy” rating and issued a $5.00 target price on shares of Navitas Semiconductor in a research note on Thursday, February 20th. Finally, Robert W. Baird reduced their target price on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.11.

Insider Activity

In other news, CFO Todd Glickman sold 13,644 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total transaction of $35,337.96. Following the transaction, the chief financial officer now directly owns 684,497 shares of the company’s stock, valued at approximately $1,772,847.23. This trade represents a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 31.80% of the company’s stock.

Navitas Semiconductor Profile

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company’s products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.