12,609 Shares in Wolfspeed, Inc. (NYSE:WOLF) Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. acquired a new stake in Wolfspeed, Inc. (NYSE:WOLF) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,609 shares of the company’s stock, valued at approximately $84,000.

Several other hedge funds also recently made changes to their positions in WOLF. Dynamic Technology Lab Private Ltd acquired a new position in Wolfspeed during the fourth quarter worth approximately $443,000. Bryce Point Capital LLC purchased a new stake in Wolfspeed in the 4th quarter valued at $1,003,000. CIBC Private Wealth Group LLC boosted its stake in shares of Wolfspeed by 96.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 170,753 shares of the company’s stock worth $1,137,000 after buying an additional 83,939 shares during the period. Vanguard Group Inc. grew its holdings in shares of Wolfspeed by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock worth $106,056,000 after buying an additional 299,304 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Wolfspeed in the 4th quarter valued at about $153,000.

Wolfspeed Stock Up 8.2 %

WOLF opened at $4.45 on Friday. The firm has a market cap of $567.68 million, a P/E ratio of -0.58 and a beta of 1.62. The business’s fifty day simple moving average is $3.91 and its 200 day simple moving average is $6.61. Wolfspeed, Inc. has a 52 week low of $2.06 and a 52 week high of $30.86. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wall Street Analyst Weigh In

WOLF has been the topic of several analyst reports. Piper Sandler lowered their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. 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 research report on Thursday, January 30th. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Susquehanna cut their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Finally, The Goldman Sachs Group lowered their price objective on Wolfspeed from $15.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.17.

Insiders Place Their Bets

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer now directly owns 195,257 shares of the company’s stock, valued at approximately $779,075.43. This trade represents a 6.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.84% of the stock is owned by corporate insiders.

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.