Polymer Capital Management HK LTD Buys Shares of 55,000 Wolfspeed, Inc. (NYSE:WOLF)

Polymer Capital Management HK LTD purchased a new position in Wolfspeed, Inc. (NYSE:WOLF) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 55,000 shares of the company’s stock, valued at approximately $366,000.

Other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd raised its position in shares of Wolfspeed by 78.8% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 10,355 shares of the company’s stock worth $69,000 after buying an additional 4,563 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Wolfspeed in the 4th quarter valued at about $84,000. Dynamic Technology Lab Private Ltd acquired a new stake in Wolfspeed during the 4th quarter worth approximately $443,000. Bryce Point Capital LLC purchased a new position in Wolfspeed in the fourth quarter valued at approximately $1,003,000. Finally, CIBC Private Wealth Group LLC lifted its position in Wolfspeed by 96.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 170,753 shares of the company’s stock valued at $1,137,000 after buying an additional 83,939 shares in the last quarter.

Wolfspeed Trading Down 5.0 %

NYSE WOLF opened at $2.58 on Monday. The company has a market capitalization of $328.86 million, a price-to-earnings ratio of -0.34 and a beta of 1.69. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. Wolfspeed, Inc. has a 12 month low of $2.37 and a 12 month high of $30.86. The company’s fifty day moving average price is $5.47 and its two-hundred day moving average price is $7.92.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (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%. As a group, research analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on WOLF shares. Susquehanna reduced their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Piper Sandler lowered their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group reduced their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group lowered their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus price target of $13.15.

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.