Allworth Financial LP Increases Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

Allworth Financial LP raised its position in Wolfspeed, Inc. (NYSE:WOLF) by 38.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,060 shares of the company’s stock after buying an additional 1,949 shares during the period. Allworth Financial LP’s holdings in Wolfspeed were worth $44,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of WOLF. Iridian Asset Management LLC CT raised its holdings in Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares during the period. Public Sector Pension Investment Board purchased a new stake in shares of Wolfspeed in the third quarter valued at approximately $2,590,000. Primecap Management Co. CA raised its stake in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares during the period. Principal Financial Group Inc. lifted its position in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after buying an additional 173,409 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Wolfspeed by 225.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after acquiring an additional 68,423 shares during the period.

Wolfspeed Trading Down 9.4 %

Shares of WOLF stock opened at $5.74 on Wednesday. Wolfspeed, Inc. has a 1-year low of $4.66 and a 1-year high of $30.86. The firm has a market cap of $732.43 million, a PE ratio of -0.75 and a beta of 1.43. The company has a 50-day moving average of $6.37 and a two-hundred day moving average of $9.01. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. On average, analysts predict that Wolfspeed, Inc. will post -4 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on WOLF. Bank of America reduced their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Roth Mkm reduced their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Finally, Piper Sandler cut their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Company 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.