Motley Fool Asset Management LLC Grows Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

Motley Fool Asset Management LLC grew its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 66.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,288 shares of the company’s stock after buying an additional 14,542 shares during the quarter. Motley Fool Asset Management LLC’s holdings in Wolfspeed were worth $1,070,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WOLF. SG Americas Securities LLC boosted its stake in shares of Wolfspeed by 183.5% during the 4th quarter. SG Americas Securities LLC now owns 10,834 shares of the company’s stock valued at $471,000 after buying an additional 7,013 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Wolfspeed by 80.6% during the 4th quarter. Pacer Advisors Inc. now owns 18,833 shares of the company’s stock valued at $819,000 after buying an additional 8,404 shares during the last quarter. FengHe Fund Management Pte. Ltd. boosted its stake in shares of Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after buying an additional 1,165,600 shares during the last quarter. State of Michigan Retirement System lifted its stake in Wolfspeed by 1.0% during the fourth quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock worth $1,306,000 after purchasing an additional 300 shares during the last quarter. Finally, Independence Bank of Kentucky lifted its stake in Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter.

Insider Activity at Wolfspeed

In related news, Director Marvin Riley purchased 1,866 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the transaction, the director now directly owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.62% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

WOLF has been the topic of several research analyst reports. Roth Mkm restated a “buy” rating and set a $50.00 price objective on shares of Wolfspeed in a research note on Tuesday, April 30th. Citigroup reduced their price objective on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Mizuho raised their price objective on Wolfspeed from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Finally, Susquehanna dropped their target price on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.43.

Wolfspeed Price Performance

NYSE:WOLF traded up $1.06 during mid-day trading on Wednesday, reaching $18.85. 4,757,443 shares of the stock were exchanged, compared to its average volume of 4,258,911. The business has a fifty day moving average price of $24.44 and a 200 day moving average price of $26.42. The firm has a market capitalization of $2.37 billion, a PE ratio of -2.92 and a beta of 1.60. Wolfspeed, Inc. has a 1-year low of $17.73 and a 1-year high of $66.22. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The firm had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.49 million. Research analysts expect that Wolfspeed, Inc. will post -3.21 earnings per share for the current fiscal year.

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.