Rhumbline Advisers Buys 33,361 Shares of Wolfspeed (NYSE:WOLF)

Rhumbline Advisers increased its holdings in shares of Wolfspeed (NYSE:WOLF) by 10.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 342,505 shares of the company’s stock after buying an additional 33,361 shares during the period. Rhumbline Advisers owned about 0.27% of Wolfspeed worth $1,048,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of WOLF. Vanguard Group Inc. increased its holdings in Wolfspeed by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock worth $106,056,000 after purchasing an additional 299,304 shares in the last quarter. Primecap Management Co. CA increased its position in shares of Wolfspeed by 2.7% during the fourth quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock valued at $43,418,000 after acquiring an additional 169,984 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Wolfspeed by 4.3% during the fourth quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company’s stock valued at $16,701,000 after acquiring an additional 104,042 shares during the last quarter. Frontier Capital Management Co. LLC lifted its holdings in Wolfspeed by 94.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock worth $13,658,000 after acquiring an additional 995,020 shares during the period. Finally, Voloridge Investment Management LLC raised its position in Wolfspeed by 0.7% in the fourth quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company’s stock worth $12,759,000 after acquiring an additional 12,660 shares during the period.

Insider Activity

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm’s stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the completion of the transaction, the chief financial officer now owns 195,257 shares in the company, valued at $779,075.43. This trade represents a 6.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.84% of the company’s stock.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $0.87 on Friday. The firm’s 50-day moving average price is $2.43 and its 200-day moving average price is $4.78. The company has a market cap of $134.78 million, a PE ratio of -0.10 and a beta of 1.29. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65. Wolfspeed has a 52-week low of $0.82 and a 52-week high of $25.60.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The firm had revenue of $185.40 million during the quarter, compared to the consensus estimate of $190.03 million. During the same quarter in the previous year, the firm posted ($0.62) EPS. The company’s revenue for the quarter was down 7.6% compared to the same quarter last year. As a group, analysts anticipate that Wolfspeed will post -4 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on WOLF shares. Piper Sandler reduced their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a research note on Friday, May 9th. JPMorgan Chase & Co. restated an “underweight” rating on shares of Wolfspeed in a research report on Friday, May 9th. Citigroup reissued a “sell” rating and issued a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Finally, The Goldman Sachs Group dropped their target price on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.15.

Wolfspeed 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.