Robeco Institutional Asset Management B.V. bought a new position in shares of Wolfspeed, Inc. (NYSE:WOLF – Get Rating) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,594 shares of the company’s stock, valued at approximately $800,000.
Other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC purchased a new position in Wolfspeed during the 3rd quarter worth $25,000. Tobam acquired a new stake in shares of Wolfspeed during the fourth quarter worth about $30,000. Trustcore Financial Services LLC increased its position in Wolfspeed by 214.1% in the 3rd quarter. Trustcore Financial Services LLC now owns 311 shares of the company’s stock valued at $32,000 after acquiring an additional 212 shares during the period. Money Concepts Capital Corp increased its position in Wolfspeed by 534.0% in the 3rd quarter. Money Concepts Capital Corp now owns 317 shares of the company’s stock valued at $33,000 after acquiring an additional 267 shares during the period. Finally, Signaturefd LLC raised its stake in Wolfspeed by 34.1% during the 4th quarter. Signaturefd LLC now owns 547 shares of the company’s stock valued at $38,000 after acquiring an additional 139 shares during the last quarter.
Analyst Ratings Changes
A number of research firms have recently issued reports on WOLF. Deutsche Bank Aktiengesellschaft dropped their target price on Wolfspeed from $90.00 to $80.00 in a report on Wednesday, January 11th. Morgan Stanley reduced their target price on shares of Wolfspeed from $80.00 to $54.00 in a research note on Thursday, April 27th. JPMorgan Chase & Co. downgraded shares of Wolfspeed from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $100.00 to $65.00 in a report on Monday, April 17th. Piper Sandler cut their price target on shares of Wolfspeed from $100.00 to $75.00 in a report on Thursday, April 27th. Finally, The Goldman Sachs Group lowered their price objective on Wolfspeed from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $85.00.
Wolfspeed Trading Up 1.8 %
Wolfspeed (NYSE:WOLF – Get Rating) last posted its earnings results on Wednesday, April 26th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.06. The firm had revenue of $228.70 million during the quarter, compared to the consensus estimate of $218.54 million. Wolfspeed had a negative net margin of 20.14% and a negative return on equity of 5.43%. On average, analysts forecast that Wolfspeed, Inc. will post -1.17 earnings per share for the current fiscal year.
Insider Transactions at Wolfspeed
In related news, CEO Gregg A. Lowe bought 5,450 shares of Wolfspeed stock in a transaction that occurred on Friday, April 28th. The shares were purchased at an average price of $45.94 per share, with a total value of $250,373.00. Following the purchase, the chief executive officer now owns 524,855 shares in the company, valued at $24,111,838.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Gregg A. Lowe acquired 5,450 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was purchased at an average price of $45.94 per share, for a total transaction of $250,373.00. Following the transaction, the chief executive officer now owns 524,855 shares in the company, valued at approximately $24,111,838.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John B. Replogle bought 10,566 shares of Wolfspeed stock in a transaction on Friday, April 28th. The stock was purchased at an average price of $47.54 per share, for a total transaction of $502,307.64. Following the completion of the acquisition, the director now owns 81,405 shares in the company, valued at approximately $3,869,993.70. The disclosure for this purchase can be found here. Corporate insiders own 0.62% of the company’s stock.
About Wolfspeed
Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.
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