Wolfspeed, Inc. (NYSE:WOLF) Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP grew its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 43.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 359,129 shares of the company’s stock after buying an additional 109,371 shares during the period. Wellington Management Group LLP’s holdings in Wolfspeed were worth $15,626,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. TFO Wealth Partners LLC lifted its stake in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 574 shares in the last quarter. Independence Bank of Kentucky boosted its holdings in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares during the period. Rakuten Securities Inc. acquired a new position in Wolfspeed in the 4th quarter valued at about $48,000. GAMMA Investing LLC purchased a new stake in Wolfspeed during the fourth quarter worth about $56,000. Finally, Garner Asset Management Corp acquired a new stake in shares of Wolfspeed during the fourth quarter worth about $198,000.

Wall Street Analysts Forecast Growth

WOLF has been the subject of a number of research reports. TD Cowen cut shares of Wolfspeed from a “buy” rating to a “hold” rating and dropped their price objective for the company from $40.00 to $25.00 in a report on Thursday, May 2nd. William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. Morgan Stanley decreased their target price on Wolfspeed from $26.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday. Roth Mkm reaffirmed a “buy” rating and issued a $50.00 price target on shares of Wolfspeed in a research report on Tuesday, April 30th. Finally, Canaccord Genuity Group lowered their price objective on Wolfspeed from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $35.43.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $22.97 on Thursday. Wolfspeed, Inc. has a 12 month low of $20.63 and a 12 month high of $70.42. The firm has a market capitalization of $2.89 billion, a P/E ratio of -3.56 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The company’s fifty day moving average price is $25.68 and its 200 day moving average price is $29.79.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, May 1st. The company reported ($0.79) EPS 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 analysts’ expectations of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. As a group, sell-side analysts predict that Wolfspeed, Inc. will post -3.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Marvin Riley bought 1,866 shares of the stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the completion of the transaction, the director now owns 13,297 shares in the company, valued at approximately $359,683.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.62% of the stock is owned by company insiders.

About Wolfspeed

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.