Intech Investment Management LLC purchased a new position in Wolfspeed, Inc. (NYSE:WOLF – Get Rating) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,415 shares of the company’s stock, valued at approximately $305,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ethic Inc. purchased a new stake in Wolfspeed in the third quarter worth $338,000. Aigen Investment Management LP purchased a new stake in shares of Wolfspeed in the third quarter worth $306,000. Point72 Asset Management L.P. purchased a new stake in shares of Wolfspeed in the third quarter worth $14,666,000. Teza Capital Management LLC purchased a new stake in shares of Wolfspeed in the third quarter worth $629,000. Finally, Treasurer of the State of North Carolina grew its stake in shares of Wolfspeed by 11.5% in the fourth quarter. Treasurer of the State of North Carolina now owns 55,218 shares of the company’s stock worth $3,812,000 after acquiring an additional 5,700 shares during the last quarter.
Wall Street Analysts Forecast Growth
Several research firms recently commented on WOLF. Jefferies Financial Group began coverage on Wolfspeed in a research report on Thursday. They set a “hold” rating and a $46.00 price objective on the stock. JPMorgan Chase & Co. cut Wolfspeed from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $100.00 to $65.00 in a research report on Monday, April 17th. Susquehanna dropped their price objective on Wolfspeed from $88.00 to $60.00 in a research report on Thursday, April 27th. Oppenheimer downgraded Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, April 27th. Finally, Piper Sandler lowered their target price on Wolfspeed from $100.00 to $75.00 in a report on Thursday, April 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $81.83.
Wolfspeed Stock Performance
Wolfspeed (NYSE:WOLF – Get Rating) last issued its earnings results on Wednesday, April 26th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.06. The company had revenue of $228.70 million for the quarter, compared to the consensus estimate of $218.54 million. Wolfspeed had a negative return on equity of 5.43% and a negative net margin of 20.14%. Equities research analysts expect that Wolfspeed, Inc. will post -1.17 EPS for the current fiscal year.
Insider Activity at Wolfspeed
In other Wolfspeed news, CEO Gregg A. Lowe bought 5,450 shares of the firm’s stock in a transaction that occurred on Friday, April 28th. The shares were bought 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 of the company’s stock, valued at $24,111,838.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Gregg A. Lowe purchased 5,450 shares of the business’s stock in a transaction on Friday, April 28th. The stock was acquired at an average price of $45.94 per share, for a total transaction of $250,373.00. Following the acquisition, the chief executive officer now directly owns 524,855 shares of the company’s stock, valued at approximately $24,111,838.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Replogle purchased 10,566 shares of the business’s stock in a transaction on Friday, April 28th. The shares were purchased at an average price of $47.54 per share, with a total value of $502,307.64. Following the acquisition, the director now directly owns 81,405 shares in the company, valued at $3,869,993.70. The disclosure for this purchase can be found here. 0.62% of the stock is owned by corporate insiders.
Wolfspeed Company Profile
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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