Wolfspeed, Inc. (NYSE:WOLF) Stock Position Lifted by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. boosted its stake in shares of Wolfspeed, Inc. (NYSE:WOLF – Free Report) by 10.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,285 shares of the company’s stock after purchasing an additional 1,259 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Wolfspeed were worth $739,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WOLF. Forum Financial Management LP purchased a new position in Wolfspeed during the first quarter valued at approximately $200,000. Cubist Systematic Strategies LLC grew its position in Wolfspeed by 536.7% in the second quarter. Cubist Systematic Strategies LLC now owns 31,066 shares of the company’s stock worth $1,971,000 after acquiring an additional 26,187 shares in the last quarter. Macquarie Group Ltd. grew its position in Wolfspeed by 12.5% in the second quarter. Macquarie Group Ltd. now owns 55,966 shares of the company’s stock worth $3,551,000 after acquiring an additional 6,201 shares in the last quarter. Centiva Capital LP bought a new stake in Wolfspeed in the second quarter worth approximately $304,000. Finally, Captrust Financial Advisors grew its position in Wolfspeed by 20.2% in the second quarter. Captrust Financial Advisors now owns 7,011 shares of the company’s stock worth $445,000 after acquiring an additional 1,180 shares in the last quarter.

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Insider Activity

In other Wolfspeed news, Director Duy Loan T. Le acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was bought at an average price of $47.01 per share, for a total transaction of $235,050.00. Following the purchase, the director now owns 10,000 shares in the company, valued at approximately $470,100. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on WOLF. Piper Sandler decreased their target price on shares of Wolfspeed from $75.00 to $55.00 and set an “overweight” rating for the company in a research report on Thursday, October 12th. TD Cowen decreased their target price on shares of Wolfspeed from $72.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, August 17th. Bank of America decreased their target price on shares of Wolfspeed from $49.00 to $40.00 and set an “underperform” rating for the company in a research report on Tuesday, October 10th. Susquehanna decreased their target price on shares of Wolfspeed from $50.00 to $35.00 and set a “neutral” rating for the company in a research report on Tuesday, October 24th. Finally, Roth Mkm reduced their price objective on shares of Wolfspeed from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $57.06.

Check Out Our Latest Analysis on Wolfspeed

Wolfspeed Price Performance

NYSE:WOLF opened at $28.70 on Monday. The stock has a market cap of $3.59 billion, a P/E ratio of -10.83 and a beta of 1.61. Wolfspeed, Inc. has a one year low of $28.37 and a one year high of $95.63. The company has a fifty day moving average price of $39.03 and a 200 day moving average price of $48.70. The company has a debt-to-equity ratio of 2.58, a current ratio of 5.74 and a quick ratio of 5.22.

Wolfspeed (NYSE:WOLF – Get Free Report) last released its earnings results on Wednesday, August 16th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.22). Wolfspeed had a negative net margin of 35.78% and a negative return on equity of 9.18%. The company had revenue of $235.80 million for the quarter, compared to analyst estimates of $224.53 million. During the same quarter in the previous year, the company earned ($0.12) earnings per share. Wolfspeed’s revenue for the quarter was up 3.2% compared to the same quarter last year. Analysts anticipate that Wolfspeed, Inc. will post -3.44 earnings per share for the current year.

About Wolfspeed

(Free Report)

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.

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