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

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

Several other institutional investors also recently modified their holdings of NVTS. Benjamin Edwards Inc. bought a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $36,000. GSA Capital Partners LLP bought a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $44,000. Raymond James Financial Inc. bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $44,000. Signature Wealth Management Partners LLC bought a new position in shares of Navitas Semiconductor in the fourth quarter valued at approximately $51,000. Finally, PEAK6 Investments LLC bought a new position in shares of Navitas Semiconductor in the third quarter valued at approximately $62,000. 46.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on NVTS shares. Needham & Company LLC reiterated a “buy” rating and issued a $4.00 price objective on shares of Navitas Semiconductor in a research note on Tuesday, February 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 price objective on shares of Navitas Semiconductor in a research note on Thursday, February 20th. Finally, Robert W. Baird dropped their price objective 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 investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Navitas Semiconductor currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.11.

Insiders Place Their Bets

In other news, CFO Todd Glickman sold 13,644 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $2.59, for a total value of $35,337.96. Following the transaction, the chief financial officer now owns 684,497 shares of the company’s stock, valued at approximately $1,772,847.23. This represents a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 31.80% of the company’s stock.

Navitas Semiconductor Price Performance

NASDAQ:NVTS opened at $2.44 on Thursday. The company has a market cap of $455.78 million, a P/E ratio of -5.81 and a beta of 2.23. The stock’s fifty day moving average price is $3.04 and its two-hundred day moving average price is $2.84. Navitas Semiconductor Co. has a 1 year low of $1.75 and a 1 year high of $5.38.

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.