Everence Capital Management Inc. Buys Shares of 19,930 Wolfspeed, Inc. (NYSE:WOLF)

Everence Capital Management Inc. bought a new stake in Wolfspeed, Inc. (NYSE:WOLF) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,930 shares of the company’s stock, valued at approximately $193,000.

A number of other institutional investors also recently bought and sold shares of the company. Seven Eight Capital LP lifted its holdings in Wolfspeed by 0.5% in the first quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock valued at $3,716,000 after acquiring an additional 675 shares during the period. Advisors Asset Management Inc. raised its stake in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after purchasing an additional 691 shares during the period. Sunbelt Securities Inc. raised its stake in Wolfspeed by 34.7% during the 1st quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company’s stock valued at $80,000 after purchasing an additional 702 shares during the period. Arizona State Retirement System raised its stake in Wolfspeed by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after purchasing an additional 775 shares during the period. Finally, State of Michigan Retirement System raised its stake in Wolfspeed by 3.0% during the 1st quarter. State of Michigan Retirement System now owns 30,922 shares of the company’s stock valued at $912,000 after purchasing an additional 900 shares during the period.

Wolfspeed Price Performance

Shares of WOLF stock opened at $15.41 on Wednesday. Wolfspeed, Inc. has a 52-week low of $7.28 and a 52-week high of $47.43. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The firm has a market capitalization of $1.94 billion, a P/E ratio of -2.39 and a beta of 1.52. The stock has a 50 day moving average price of $10.55 and a 200 day moving average price of $19.16.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on WOLF. Mizuho cut Wolfspeed from a “neutral” rating to an “underperform” rating and cut their price target for the company from $17.00 to $8.00 in a report on Thursday, October 3rd. Susquehanna cut their price target on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a report on Wednesday, August 7th. Morgan Stanley raised their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group cut their price target on Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Wolfspeed currently has a consensus 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.