Rhumbline Advisers Raises Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

Rhumbline Advisers lifted its position in Wolfspeed, Inc. (NYSE:WOLF) by 5.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 309,144 shares of the company’s stock after purchasing an additional 15,078 shares during the period. Rhumbline Advisers owned 0.24% of Wolfspeed worth $2,059,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Public Sector Pension Investment Board purchased a new stake in Wolfspeed during the third quarter worth $2,590,000. Primecap Management Co. CA lifted its position in shares of Wolfspeed by 5.0% during the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after buying an additional 303,870 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after buying an additional 173,409 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Wolfspeed by 225.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after buying an additional 68,423 shares during the last quarter. Finally, Quadrature Capital Ltd raised its stake in shares of Wolfspeed by 301.8% during the 3rd quarter. Quadrature Capital Ltd now owns 184,674 shares of the company’s stock worth $1,790,000 after acquiring an additional 138,715 shares in the last quarter.

Wolfspeed Stock Down 10.4 %

WOLF stock opened at $5.18 on Tuesday. The company’s 50 day moving average price is $6.25 and its 200 day moving average price is $8.82. The firm has a market capitalization of $661.55 million, a price-to-earnings ratio of -0.67 and a beta of 1.43. Wolfspeed, Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $30.86. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, equities research analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WOLF. Canaccord Genuity Group reduced their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Mizuho dropped their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Bank of America cut their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Finally, Piper Sandler dropped their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Company Profile

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.