CIBC Asset Management Inc Takes $70,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

CIBC Asset Management Inc purchased a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 10,508 shares of the company’s stock, valued at approximately $70,000.

A number of other institutional investors have also recently made changes to their positions in WOLF. Iridian Asset Management LLC CT lifted its stake in shares of 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 bought a new position in shares of Wolfspeed in the 3rd quarter worth approximately $2,590,000. Primecap Management Co. CA lifted its stake in shares of Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after purchasing an additional 303,870 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Wolfspeed by 225.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after purchasing an additional 68,423 shares during the period.

Wolfspeed Trading Up 6.9 %

WOLF stock opened at $6.14 on Thursday. The firm has a fifty day moving average price of $6.35 and a 200 day moving average price of $8.99. Wolfspeed, Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $30.86. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market cap of $783.52 million, a PE ratio of -0.80 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last posted its earnings results 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 net margin of 125.96% and a negative return on equity of 70.84%. Sell-side analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on WOLF shares. Piper Sandler lowered their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Roth Mkm lowered their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Canaccord Genuity Group lowered their price objective 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. JPMorgan Chase & Co. decreased their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and a consensus target price of $14.86.

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.