GAMMA Investing LLC Purchases 3,664 Shares of Wolfspeed, Inc. (NYSE:WOLF)

GAMMA Investing LLC grew its stake in Wolfspeed, Inc. (NYSE:WOLF) by 416.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,544 shares of the company’s stock after purchasing an additional 3,664 shares during the period. GAMMA Investing LLC’s holdings in Wolfspeed were worth $44,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WOLF. Wellington Management Group LLP boosted its stake in shares of Wolfspeed by 43.8% during the fourth quarter. Wellington Management Group LLP now owns 359,129 shares of the company’s stock valued at $15,626,000 after purchasing an additional 109,371 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Wolfspeed by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 12,629,335 shares of the company’s stock valued at $549,502,000 after purchasing an additional 157,668 shares during the period. Perpetual Ltd increased its holdings in shares of Wolfspeed by 52.1% during the first quarter. Perpetual Ltd now owns 35,043 shares of the company’s stock valued at $1,002,000 after acquiring an additional 12,000 shares in the last quarter. Doliver Advisors LP increased its position in shares of Wolfspeed by 11.4% during the first quarter. Doliver Advisors LP now owns 15,320 shares of the company’s stock worth $452,000 after acquiring an additional 1,563 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its stake in shares of Wolfspeed by 34.7% in the first quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company’s stock worth $80,000 after purchasing an additional 702 shares during the last quarter.

Analyst Ratings Changes

Several research firms have recently issued reports on WOLF. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, August 7th. Bank of America cut their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. TD Cowen decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. Finally, The Goldman Sachs Group cut their price target on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $22.43.

Wolfspeed Stock Performance

NYSE:WOLF opened at $16.19 on Friday. Wolfspeed, Inc. has a 1-year low of $7.28 and a 1-year high of $47.43. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85. The business has a 50 day moving average of $10.41 and a 200 day moving average of $19.45. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of -2.51 and a beta of 1.52.

Wolfspeed (NYSE:WOLF) last announced 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 business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. On average, sell-side analysts predict that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

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.