48,943 Shares in Wolfspeed, Inc. (NYSE:WOLF) Purchased by Intech Investment Management LLC

Intech Investment Management LLC purchased a new stake in Wolfspeed, Inc. (NYSE:WOLF) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 48,943 shares of the company’s stock, valued at approximately $1,114,000.

A number of other large investors have also recently modified their holdings of WOLF. Primecap Management Co. CA increased its position in shares of Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after purchasing an additional 800,540 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of Wolfspeed during the 4th quarter valued at $34,808,000. Vanguard Group Inc. lifted its holdings in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after acquiring an additional 449,732 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after acquiring an additional 352,609 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Wolfspeed by 30.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock valued at $14,513,000 after acquiring an additional 149,093 shares during the last quarter.

Wolfspeed Price Performance

WOLF opened at $8.20 on Wednesday. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The stock has a market capitalization of $1.03 billion, a PE ratio of -1.27 and a beta of 1.53. The stock’s 50 day moving average price is $13.01 and its 200-day moving average price is $21.35. Wolfspeed, Inc. has a 52-week low of $7.28 and a 52-week high of $47.43.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The company had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. On average, equities research analysts predict that Wolfspeed, Inc. will post -3.84 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on WOLF. Piper Sandler dropped their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. TD Cowen reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. New Street Research lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a report on Wednesday, August 7th. Finally, Susquehanna reduced their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $24.53.

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.