ProShare Advisors LLC Buys 1,993 Shares of Wolfspeed, Inc. (NYSE:WOLF)

ProShare Advisors LLC grew its stake in Wolfspeed, Inc. (NYSE:WOLF) by 9.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,395 shares of the company’s stock after purchasing an additional 1,993 shares during the period. ProShare Advisors LLC’s holdings in Wolfspeed were worth $532,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WOLF. Dimensional Fund Advisors LP grew its holdings in shares of Wolfspeed by 13.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 665,817 shares of the company’s stock worth $28,976,000 after purchasing an additional 78,071 shares in the last quarter. Stifel Financial Corp boosted its stake in Wolfspeed by 47.6% during the fourth quarter. Stifel Financial Corp now owns 120,333 shares of the company’s stock worth $5,236,000 after buying an additional 38,830 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in Wolfspeed by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock valued at $2,393,000 after buying an additional 540 shares during the period. TFO Wealth Partners LLC raised its stake in shares of Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after buying an additional 574 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new position in shares of Wolfspeed during the 4th quarter worth about $695,000.

Wolfspeed Price Performance

Shares of WOLF stock opened at $9.70 on Tuesday. Wolfspeed, Inc. has a 1 year low of $7.28 and a 1 year high of $47.43. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The firm’s 50 day moving average is $11.97 and its 200-day moving average is $20.83. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -1.50 and a beta of 1.52.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The firm had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. Sell-side analysts forecast that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on WOLF shares. Susquehanna lowered their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Mizuho lowered their price objective on Wolfspeed from $28.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. TD Cowen cut their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.53.

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.