Wolfspeed, Inc. (NYSE:WOLF) Shares Acquired by Primecap Management Co. CA

Primecap Management Co. CA increased its stake in Wolfspeed, Inc. (NYSE:WOLF) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,519,164 shares of the company’s stock after buying an additional 169,984 shares during the quarter. Primecap Management Co. CA owned about 5.10% of Wolfspeed worth $43,418,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of WOLF. Jones Financial Companies Lllp grew its stake in shares of Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after buying an additional 3,548 shares in the last quarter. R Squared Ltd acquired a new stake in Wolfspeed during the 4th quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC grew its stake in Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after purchasing an additional 2,912 shares in the last quarter. KBC Group NV grew its stake in Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after purchasing an additional 2,629 shares in the last quarter. Finally, Allworth Financial LP grew its stake in Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after purchasing an additional 1,949 shares in the last quarter.

Wolfspeed Trading Down 9.4 %

Shares of NYSE WOLF opened at $5.45 on Wednesday. The company has a market cap of $695.40 million, a price-to-earnings ratio of -0.71 and a beta of 1.50. Wolfspeed, Inc. has a 12-month low of $4.66 and a 12-month high of $30.86. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The stock’s 50 day simple moving average is $5.86 and its 200 day simple moving average is $8.29.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. Equities research analysts expect that Wolfspeed, Inc. will post -4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WOLF. Susquehanna lowered their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Piper Sandler decreased their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. StockNews.com upgraded Wolfspeed to a “sell” rating in a research report on Monday, January 6th. The Goldman Sachs Group decreased their target price on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Finally, Canaccord Genuity Group decreased their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Profile

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.