Rakuten Securities Inc. Takes $48,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

Rakuten Securities Inc. acquired a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,105 shares of the company’s stock, valued at approximately $48,000.

Several other institutional investors have also modified their holdings of the stock. Envestnet Asset Management Inc. raised its holdings in Wolfspeed by 234.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after buying an additional 117,848 shares during the period. Vanguard Group Inc. raised its stake in shares of Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after acquiring an additional 188,236 shares during the period. Boston Partners purchased a new stake in shares of Wolfspeed in the third quarter valued at $2,032,000. UBS Group AG lifted its holdings in shares of Wolfspeed by 57.5% in the 3rd quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after acquiring an additional 80,011 shares during the last quarter. Finally, UniSuper Management Pty Ltd boosted its stake in shares of Wolfspeed by 86.7% during the 3rd quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock worth $26,816,000 after purchasing an additional 326,810 shares during the period.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Piper Sandler decreased their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. Mizuho initiated coverage on Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price target on the stock. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Susquehanna reiterated a “neutral” rating and issued a $35.00 target price on shares of Wolfspeed in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. decreased their target price on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $43.63.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $25.24 on Thursday. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. Wolfspeed, Inc. has a 12-month low of $23.54 and a 12-month high of $70.42. The stock’s fifty day simple moving average is $27.16 and its two-hundred day simple moving average is $32.79.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The business had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Equities analysts expect that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insider Buying and Selling

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was bought at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is owned by company insiders.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.