Seven Eight Capital LP Acquires 2,875 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Seven Eight Capital LP grew its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 29.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,637 shares of the company’s stock after acquiring an additional 2,875 shares during the period. Seven Eight Capital LP’s holdings in Wolfspeed were worth $821,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in WOLF. Forum Financial Management LP bought a new stake in shares of Wolfspeed during the 1st quarter worth $200,000. Cubist Systematic Strategies LLC boosted its holdings in shares of Wolfspeed by 536.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 31,066 shares of the company’s stock worth $1,971,000 after buying an additional 26,187 shares during the period. Macquarie Group Ltd. boosted its holdings in shares of Wolfspeed by 12.5% during the 2nd quarter. Macquarie Group Ltd. now owns 55,966 shares of the company’s stock worth $3,551,000 after buying an additional 6,201 shares during the period. Centiva Capital LP bought a new stake in shares of Wolfspeed during the 2nd quarter worth $304,000. Finally, Captrust Financial Advisors boosted its holdings in shares of Wolfspeed by 20.2% during the 2nd quarter. Captrust Financial Advisors now owns 7,011 shares of the company’s stock worth $445,000 after buying an additional 1,180 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Roth Mkm cut their target price on shares of Wolfspeed from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, August 17th. Jefferies Financial Group assumed coverage on shares of Wolfspeed in a research note on Thursday, May 18th. They set a “hold” rating and a $46.00 target price for the company. Wells Fargo & Company cut their target price on shares of Wolfspeed from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, August 17th. Susquehanna cut their target price on shares of Wolfspeed from $60.00 to $58.00 in a research note on Tuesday, June 27th. Finally, Canaccord Genuity Group cut their target price on shares of Wolfspeed from $72.00 to $64.00 and set a “buy” rating for the company in a research note on Friday, August 18th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and an average price target of $71.00.

Wolfspeed Trading Down 2.5 %

Shares of Wolfspeed stock opened at $41.99 on Monday. The stock has a market capitalization of $5.26 billion, a P/E ratio of -15.85 and a beta of 1.57. The company has a quick ratio of 5.22, a current ratio of 5.74 and a debt-to-equity ratio of 2.58. The company has a 50-day simple moving average of $55.86 and a 200 day simple moving average of $54.57. Wolfspeed, Inc. has a 12-month low of $39.02 and a 12-month high of $125.48.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 16th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.22). Wolfspeed had a negative return on equity of 9.18% and a negative net margin of 35.78%. The firm had revenue of $235.80 million for the quarter, compared to analyst estimates of $224.53 million. During the same quarter last year, the business earned ($0.12) EPS. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. Research analysts expect that Wolfspeed, Inc. will post -3.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Duy Loan T. Le acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were purchased at an average price of $47.01 per share, with a total value of $235,050.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $470,100. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.62% of the company’s stock.

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.