Asset Management One Co. Ltd. Purchases 2,885 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Asset Management One Co. Ltd. lifted its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 69.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,067 shares of the company’s stock after acquiring an additional 2,885 shares during the period. Asset Management One Co. Ltd.’s holdings in Wolfspeed were worth $69,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Primecap Management Co. CA grew its position in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after acquiring an additional 800,540 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Iridian Asset Management LLC CT grew its holdings in shares of Wolfspeed by 319.9% during the 3rd 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 last quarter. Samlyn Capital LLC increased its position in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after purchasing an additional 343,277 shares in the last quarter. Finally, Yong Rong HK Asset Management Ltd bought a new position in Wolfspeed in the 3rd quarter valued at approximately $2,988,000.

Wolfspeed Trading Down 9.7 %

WOLF opened at $9.06 on Tuesday. Wolfspeed, Inc. has a twelve month low of $7.28 and a twelve month high of $47.43. The company has a fifty day moving average of $10.91 and a 200-day moving average of $17.87. The stock has a market cap of $1.15 billion, a PE ratio of -1.52 and a beta of 1.46. The company has a quick ratio of 3.85, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. On average, sell-side analysts predict that Wolfspeed, Inc. will post -4.07 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on WOLF. 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 research note on Thursday, August 22nd. Mizuho lowered Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $17.00 to $8.00 in a research report on Thursday, October 3rd. The Goldman Sachs Group dropped their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Bank of America reduced their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Two 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 company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.36.

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.