Allworth Financial LP Acquires 1,949 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Allworth Financial LP lifted its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 38.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,060 shares of the company’s stock after purchasing an additional 1,949 shares during the quarter. Allworth Financial LP’s holdings in Wolfspeed were worth $44,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Two Sigma Advisers LP lifted its stake in Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after acquiring an additional 2,189,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Wolfspeed by 1,158.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after buying an additional 766,971 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of Wolfspeed during the 3rd quarter worth $4,542,000. Iridian Asset Management LLC CT grew its holdings in Wolfspeed by 319.9% during the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares during the period. Finally, Yong Rong HK Asset Management Ltd purchased a new stake in Wolfspeed in the third quarter worth about $2,988,000.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Piper Sandler reduced their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. The Goldman Sachs Group reduced their price objective on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, Bank of America cut their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Down 9.4 %

Wolfspeed stock opened at $5.74 on Wednesday. The business has a fifty day moving average price of $6.37 and a 200-day moving average price of $9.01. Wolfspeed, Inc. has a 1-year low of $4.66 and a 1-year high of $30.86. The stock has a market capitalization of $732.43 million, a price-to-earnings ratio of -0.75 and a beta of 1.43. 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 (NYSE:WOLF) last posted its quarterly 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 return on equity of 70.84% and a negative net margin of 125.96%. Equities research analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Wolfspeed Company 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.