Ensign Peak Advisors Inc Purchases 2,350 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Ensign Peak Advisors Inc grew its position in Wolfspeed, Inc. (NYSE:WOLF) by 5.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,501 shares of the company’s stock after purchasing an additional 2,350 shares during the period. Ensign Peak Advisors Inc’s holdings in Wolfspeed were worth $967,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of WOLF. Dimensional Fund Advisors LP increased its position in shares of Wolfspeed by 13.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 665,817 shares of the company’s stock valued at $28,976,000 after acquiring an additional 78,071 shares during the last quarter. Stifel Financial Corp increased its position in shares of Wolfspeed by 47.6% in the fourth quarter. Stifel Financial Corp now owns 120,333 shares of the company’s stock valued at $5,236,000 after acquiring an additional 38,830 shares during the last quarter. Treasurer of the State of North Carolina increased its position in shares of Wolfspeed by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock valued at $2,393,000 after acquiring an additional 540 shares during the last quarter. TFO Wealth Partners LLC increased its position in shares of Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after acquiring an additional 574 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new stake in shares of Wolfspeed in the fourth quarter valued at about $695,000.

Wolfspeed Price Performance

Wolfspeed stock opened at $10.18 on Friday. Wolfspeed, Inc. has a 12 month low of $7.28 and a 12 month high of $47.43. The stock’s 50 day moving average is $12.21 and its 200-day moving average is $20.99. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -1.58 and a beta of 1.52.

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 the consensus estimate of ($1.03) by ($0.03). The company had revenue of $200.70 million during 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 research analysts expect that Wolfspeed, Inc. will post -3.84 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. The Goldman Sachs Group lowered their target price on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. TD Cowen lowered their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Morgan Stanley lowered their price target on Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 15th. Finally, Susquehanna lowered their price target on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $24.53.

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.