Motley Fool Asset Management LLC Takes $946,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

Motley Fool Asset Management LLC acquired a new stake in Wolfspeed, Inc. (NYSE:WOLF) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,746 shares of the company’s stock, valued at approximately $946,000.

A number of other hedge funds have also modified their holdings of WOLF. Slow Capital Inc. boosted its stake in shares of Wolfspeed by 5.9% in the third quarter. Slow Capital Inc. now owns 43,220 shares of the company’s stock worth $1,647,000 after buying an additional 2,419 shares during the last quarter. Hardman Johnston Global Advisors LLC boosted its stake in shares of Wolfspeed by 0.9% in the third quarter. Hardman Johnston Global Advisors LLC now owns 633,813 shares of the company’s stock worth $24,148,000 after buying an additional 5,760 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Wolfspeed by 27.0% in the third quarter. Commonwealth Equity Services LLC now owns 39,392 shares of the company’s stock worth $1,501,000 after buying an additional 8,374 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Wolfspeed by 1.6% in the third quarter. Raymond James & Associates now owns 181,867 shares of the company’s stock worth $6,929,000 after buying an additional 2,943 shares during the last quarter. Finally, Weybosset Research & Management LLC boosted its stake in shares of Wolfspeed by 5.7% in the third quarter. Weybosset Research & Management LLC now owns 13,959 shares of the company’s stock worth $532,000 after buying an additional 748 shares during the last quarter.

Analysts Set New Price Targets

WOLF has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Mizuho initiated coverage on Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 price target on the stock. Piper Sandler lowered their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Wells Fargo & Company reiterated an “equal weight” rating and set a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Finally, Susquehanna lowered their price target on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday. One 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 MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.88.

Insider Transactions at Wolfspeed

In other news, Director Darren R. Jackson purchased 10,000 shares of the stock in a transaction dated Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.62% of the company’s stock.

Wolfspeed Price Performance

Shares of NYSE:WOLF traded up $1.37 during midday trading on Friday, hitting $26.24. The company had a trading volume of 3,997,297 shares, compared to its average volume of 4,774,411. Wolfspeed, Inc. has a twelve month low of $21.85 and a twelve month high of $70.42. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of -4.32 and a beta of 1.66. The business’s 50-day simple moving average is $26.56 and its 200-day simple moving average is $32.34.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.10. The company had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. On average, research analysts predict that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

About Wolfspeed

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.