Northwestern Mutual Wealth Management Co. Purchases 89,469 Shares of Wolfspeed, Inc. $WOLF

Northwestern Mutual Wealth Management Co. grew its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 745,575.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 89,481 shares of the company’s stock after acquiring an additional 89,469 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Wolfspeed were worth $1,558,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new position in shares of Wolfspeed during the second quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Wolfspeed during the second quarter valued at about $34,000. Marex Group plc bought a new position in shares of Wolfspeed during the second quarter valued at about $44,000. Eastern Bank bought a new position in shares of Wolfspeed during the fourth quarter valued at about $46,000. Finally, WINTON GROUP Ltd bought a new position in shares of Wolfspeed during the second quarter valued at about $47,000.

Wolfspeed Stock Performance

Shares of WOLF opened at $62.81 on Thursday. The stock has a market cap of $3.04 billion and a PE ratio of -5.95. Wolfspeed, Inc. has a fifty-two week low of $8.05 and a fifty-two week high of $80.82. The firm’s 50-day simple moving average is $34.08 and its two-hundred day simple moving average is $24.09.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. Wolfspeed’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.72) EPS.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on WOLF shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Piper Sandler reiterated an “overweight” rating and set a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.