Truist Financial Corp Purchases Shares of 37,583 Wolfspeed, Inc. (NYSE:WOLF)

Truist Financial Corp acquired a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 37,583 shares of the company’s stock, valued at approximately $250,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Public Sector Pension Investment Board bought a new stake in Wolfspeed in the 3rd quarter valued at $2,590,000. Primecap Management Co. CA raised its stake in Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after purchasing an additional 303,870 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after purchasing an additional 173,409 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Wolfspeed by 225.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after purchasing an additional 68,423 shares in the last quarter. Finally, Quadrature Capital Ltd increased its holdings in shares of Wolfspeed by 301.8% during the third quarter. Quadrature Capital Ltd now owns 184,674 shares of the company’s stock worth $1,790,000 after purchasing an additional 138,715 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. 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. JPMorgan Chase & Co. decreased their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Piper Sandler dropped their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Roth Mkm decreased their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Stock Performance

Shares of WOLF stock opened at $5.16 on Thursday. The business’s 50-day moving average price is $6.20 and its 200-day moving average price is $8.77. Wolfspeed, Inc. has a 12 month low of $4.66 and a 12 month high of $30.86. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The firm has a market capitalization of $658.36 million, a price-to-earnings ratio of -0.67 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities research analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current 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.