Prosperity Wealth Management Inc. Invests $132,000 in Wolfspeed, Inc. (NYSE:WOLF)

Prosperity Wealth Management Inc. bought a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 19,864 shares of the company’s stock, valued at approximately $132,000.

Several other institutional investors also recently modified their holdings of the stock. South Dakota Investment Council lifted its holdings in shares of Wolfspeed by 26.4% during the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company’s stock valued at $4,778,000 after purchasing an additional 149,648 shares in the last quarter. Public Sector Pension Investment Board bought a new position in shares of Wolfspeed during the 3rd quarter valued at about $2,590,000. Primecap Management Co. CA lifted its holdings in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after purchasing an additional 173,409 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Wolfspeed by 225.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after purchasing an additional 68,423 shares in the last quarter.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $5.26 on Thursday. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The stock’s fifty day moving average price is $5.98 and its two-hundred day moving average price is $8.47. Wolfspeed, Inc. has a one year low of $4.66 and a one year high of $30.86. The firm has a market cap of $671.13 million, a price-to-earnings ratio of -0.68 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, equities analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on WOLF. The Goldman Sachs Group cut their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Piper Sandler cut their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Bank of America cut their target price on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 19th. Finally, Canaccord Genuity Group cut their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Wolfspeed presently 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.