Wolfspeed, Inc. (NYSE:WOLF) Stock Position Boosted by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 0.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 106,024 shares of the company’s stock after purchasing an additional 554 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Wolfspeed were worth $4,613,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in WOLF. Norges Bank bought a new position in shares of Wolfspeed during the 4th quarter valued at about $223,238,000. FengHe Fund Management Pte. Ltd. boosted its position 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 purchasing an additional 1,165,600 shares in the last quarter. JANA Partners Management LP bought a new position in shares of Wolfspeed during the 3rd quarter valued at about $35,662,000. Polar Capital Holdings Plc bought a new position in shares of Wolfspeed during the 3rd quarter valued at about $16,200,000. Finally, Eagle Asset Management Inc. boosted its position in shares of Wolfspeed by 44.7% during the 4th quarter. Eagle Asset Management Inc. now owns 1,227,840 shares of the company’s stock valued at $82,535,000 after purchasing an additional 379,398 shares in the last quarter.

Wolfspeed Stock Performance

WOLF stock opened at $25.56 on Tuesday. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The stock has a market cap of $3.22 billion, a P/E ratio of -4.20 and a beta of 1.66. The firm has a 50 day simple moving average of $27.21 and a 200 day simple moving average of $32.93. Wolfspeed, Inc. has a 52 week low of $23.54 and a 52 week high of $70.42.

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

Analysts Set New Price Targets

WOLF has been the subject of several research reports. Piper Sandler reduced their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. Susquehanna reissued a “neutral” rating and issued a $35.00 target price on shares of Wolfspeed in a research report on Monday, April 8th. Wells Fargo & Company reissued 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. Mizuho assumed coverage on shares of Wolfspeed in a research report on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $43.63.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson bought 10,000 shares of Wolfspeed stock in a transaction on Friday, February 2nd. The stock was purchased 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 directly owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.85% 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.