Perpetual Ltd Has $1 Million Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

Perpetual Ltd increased its position in Wolfspeed, Inc. (NYSE:WOLF) by 52.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,043 shares of the company’s stock after purchasing an additional 12,000 shares during the quarter. Perpetual Ltd’s holdings in Wolfspeed were worth $1,002,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Wolfspeed during the 4th quarter worth about $308,701,000. FengHe Fund Management Pte. Ltd. grew its position in shares of Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after buying an additional 1,165,600 shares during the period. JANA Partners Management LP acquired a new position in shares of Wolfspeed during the 3rd quarter worth about $35,662,000. Cibc World Markets Corp acquired a new position in shares of Wolfspeed during the 4th quarter worth about $34,808,000. Finally, Polar Capital Holdings Plc acquired a new position in shares of Wolfspeed during the 3rd quarter worth about $16,200,000.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $23.76 on Friday. Wolfspeed, Inc. has a 12-month low of $20.63 and a 12-month high of $70.42. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. The business’s 50 day moving average is $25.90 and its 200-day moving average is $30.32.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. On average, equities research analysts predict that Wolfspeed, Inc. will post -3.13 earnings per share for the current year.

Insider Buying and Selling

In other Wolfspeed news, Director Marvin Riley bought 1,866 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, with a total value of $50,475.30. Following the acquisition, the director now owns 13,297 shares of the company’s stock, valued at $359,683.85. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on WOLF shares. Citigroup decreased their target price on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Roth Mkm restated a “buy” rating and issued a $50.00 target price on shares of Wolfspeed in a research note on Tuesday, April 30th. William Blair cut Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Susquehanna cut their target price on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, Canaccord Genuity Group cut their target price on Wolfspeed from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $36.36.

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.