SG Americas Securities LLC Raises Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

SG Americas Securities LLC lifted its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 231.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,749 shares of the company’s stock after buying an additional 41,041 shares during the period. SG Americas Securities LLC’s holdings in Wolfspeed were worth $570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new position in shares of Wolfspeed during the 2nd quarter worth approximately $220,000. Teachers Retirement System of The State of Kentucky grew its stake in shares of Wolfspeed by 34.9% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 369,402 shares of the company’s stock valued at $8,408,000 after buying an additional 95,600 shares in the last quarter. Ecofi Investissements SA purchased a new stake in shares of Wolfspeed in the 2nd quarter valued at $1,251,000. Algert Global LLC boosted its holdings in Wolfspeed by 31.4% during the 2nd quarter. Algert Global LLC now owns 53,076 shares of the company’s stock valued at $1,208,000 after acquiring an additional 12,676 shares during the period. Finally, Dark Forest Capital Management LP acquired a new position in Wolfspeed in the 2nd quarter valued at about $681,000.

Wolfspeed Trading Down 0.9 %

NYSE:WOLF opened at $11.38 on Tuesday. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -1.76 and a beta of 1.52. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. Wolfspeed, Inc. has a 12 month low of $7.28 and a 12 month high of $47.43. The company’s 50 day moving average is $10.32 and its 200-day moving average is $19.61.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The business had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. Equities analysts anticipate that Wolfspeed, Inc. will post -3.84 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on WOLF shares. The Goldman Sachs Group reduced their price objective on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Morgan Stanley cut their price target on Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. Bank of America reduced their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Canaccord Genuity Group reduced their target price on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Piper Sandler decreased their price target on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $22.43.

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.