Nisa Investment Advisors LLC Makes New $126,000 Investment in Wolfspeed (NYSE:WOLF)

Nisa Investment Advisors LLC purchased a new position in Wolfspeed (NYSE:WOLF) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,179 shares of the company’s stock, valued at approximately $126,000.

Several other institutional investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp increased its stake in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after acquiring an additional 3,548 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after purchasing an additional 2,912 shares during the period. Beacon Capital Management LLC purchased a new stake in shares of Wolfspeed during the first quarter worth about $31,000. Sterling Capital Management LLC lifted its holdings in Wolfspeed by 51.4% in the fourth quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock worth $50,000 after buying an additional 2,533 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Wolfspeed by 126.7% in the first quarter. GAMMA Investing LLC now owns 17,158 shares of the company’s stock worth $53,000 after buying an additional 9,589 shares during the period.

Wolfspeed Price Performance

Shares of WOLF opened at $1.41 on Friday. Wolfspeed has a 1-year low of $0.39 and a 1-year high of $24.55. The stock has a market cap of $218.66 million, a PE ratio of -0.17 and a beta of 1.09. The firm has a 50-day simple moving average of $1.64 and a two-hundred day simple moving average of $3.81. The company has a debt-to-equity ratio of 30.65, a current ratio of 4.64 and a quick ratio of 3.90.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate 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 business had revenue of $185.40 million during the quarter, compared to analyst estimates of $190.03 million. During the same quarter last year, the firm posted ($0.62) earnings per share. The business’s revenue for the quarter was down 7.6% compared to the same quarter last year. As a group, analysts forecast that Wolfspeed will post -4 EPS for the current year.

Insider Activity at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the transaction, the chief financial officer directly owned 195,257 shares of the company’s stock, valued at $779,075.43. The trade was a 6.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.84% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WOLF. Citigroup reaffirmed a “sell” rating and set a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Piper Sandler cut their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. JPMorgan Chase & Co. restated an “underweight” rating on shares of Wolfspeed in a research note on Friday, May 9th. Finally, The Goldman Sachs Group reduced their price target on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company 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.