Gotham Asset Management LLC Acquires 26,241 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Gotham Asset Management LLC grew its stake in Wolfspeed, Inc. (NYSE:WOLF) by 102.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 51,761 shares of the company’s stock after purchasing an additional 26,241 shares during the quarter. Gotham Asset Management LLC’s holdings in Wolfspeed were worth $345,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Wolfspeed by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock valued at $106,056,000 after purchasing an additional 299,304 shares during the period. Primecap Management Co. CA lifted its stake in shares of Wolfspeed by 2.7% in the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock valued at $43,418,000 after purchasing an additional 169,984 shares during the period. Neuberger Berman Group LLC lifted its stake in shares of Wolfspeed by 4.3% in the 4th quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company’s stock valued at $16,701,000 after purchasing an additional 104,042 shares during the period. Frontier Capital Management Co. LLC lifted its stake in shares of Wolfspeed by 94.2% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock valued at $13,658,000 after purchasing an additional 995,020 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Wolfspeed by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock valued at $8,040,000 after purchasing an additional 335,966 shares during the period.

Insider Activity

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

Wolfspeed Trading Down 9.7%

Shares of WOLF stock opened at $3.15 on Wednesday. The firm has a 50 day moving average price of $3.63 and a two-hundred day moving average price of $5.93. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The company has a market capitalization of $490.23 million, a PE ratio of -0.41 and a beta of 1.62. Wolfspeed, Inc. has a 12-month low of $2.06 and a 12-month high of $30.86.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. The company had revenue of $185.40 million during the quarter, compared to the consensus estimate of $190.03 million. During the same period in the previous year, the business earned ($0.62) earnings per share. The firm’s quarterly revenue was down 7.6% on a year-over-year basis. As a group, analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on WOLF shares. Bank of America cut their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. Piper Sandler dropped their price objective on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating on the stock in a research note on Friday, May 9th. Citigroup reaffirmed a “sell” rating and set a $3.00 price objective (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Canaccord Genuity Group dropped their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Finally, Susquehanna dropped their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and a consensus target price of $11.15.

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.