Los Angeles Capital Management LLC Buys Shares of 44,309 Wolfspeed, Inc. (NYSE:WOLF)

Los Angeles Capital Management LLC bought a new position in Wolfspeed, Inc. (NYSE:WOLF) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 44,309 shares of the company’s stock, valued at approximately $295,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Primecap Management Co. CA increased its position in 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 purchasing an additional 303,870 shares in the last quarter. Two Sigma Advisers LP grew its stake in shares of Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after buying an additional 2,189,500 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Wolfspeed by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after buying an additional 21,143 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after acquiring an additional 766,971 shares during the last quarter. Finally, Iridian Asset Management LLC CT boosted its holdings in shares of Wolfspeed by 56.6% during the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock valued at $5,436,000 after acquiring an additional 295,025 shares in the last quarter.

Wolfspeed Stock Performance

NYSE:WOLF opened at $5.27 on Wednesday. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. Wolfspeed, Inc. has a twelve month low of $4.66 and a twelve month high of $30.86. The company has a fifty day moving average of $6.25 and a 200-day moving average of $8.82. The firm has a market capitalization of $672.41 million, a P/E ratio of -0.69 and a beta of 1.43.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on WOLF. StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th. Piper Sandler lowered their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. JPMorgan Chase & Co. cut their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Mizuho reduced their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Finally, The Goldman Sachs Group dropped their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company 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 issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.86.

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.