Sunbelt Securities Inc. Grows Position in Wolfspeed, Inc. (NYSE:WOLF)

Sunbelt Securities Inc. raised its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 34.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,724 shares of the company’s stock after acquiring an additional 702 shares during the period. Sunbelt Securities Inc.’s holdings in Wolfspeed were worth $80,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of WOLF. TFO Wealth Partners LLC lifted its position in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares during the period. Independence Bank of Kentucky increased its position in Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares during the last quarter. Rakuten Securities Inc. purchased a new position in Wolfspeed in the fourth quarter worth about $48,000. GAMMA Investing LLC bought a new stake in shares of Wolfspeed during the 4th quarter valued at about $56,000. Finally, Garner Asset Management Corp purchased a new stake in shares of Wolfspeed during the 4th quarter valued at about $198,000.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on WOLF. Citigroup cut their target price on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft decreased their target price on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. JPMorgan Chase & Co. cut their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Morgan Stanley decreased their price objective on Wolfspeed from $26.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 25th. Finally, TD Cowen lowered shares of Wolfspeed from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $25.00 in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $35.43.

Wolfspeed Stock Down 2.0 %

WOLF opened at $22.76 on Friday. Wolfspeed, Inc. has a 52 week low of $20.63 and a 52 week high of $70.42. The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 5.55. The firm has a 50-day simple moving average of $25.68 and a two-hundred day simple moving average of $29.57. The company has a market capitalization of $2.86 billion, a PE ratio of -3.52 and a beta of 1.60.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.03. The business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. Analysts forecast that Wolfspeed, Inc. will post -3.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Marvin Riley bought 1,866 shares of Wolfspeed stock in a transaction dated Tuesday, May 28th. The shares were purchased at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the acquisition, the director now directly owns 13,297 shares in the company, valued at approximately $359,683.85. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.62% of the stock is owned by company insiders.

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.