Rhumbline Advisers lifted its holdings in Wolfspeed (NYSE:WOLF – Free Report) by 10.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 342,505 shares of the company’s stock after buying an additional 33,361 shares during the quarter. Rhumbline Advisers’ holdings in Wolfspeed were worth $1,048,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Frontier Capital Management Co. LLC grew its stake in Wolfspeed by 94.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock worth $13,658,000 after purchasing an additional 995,020 shares in the last quarter. Erste Asset Management GmbH increased its position in shares of Wolfspeed by 77.4% in the 4th quarter. Erste Asset Management GmbH now owns 793,518 shares of the company’s stock valued at $5,773,000 after acquiring an additional 346,319 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Wolfspeed by 38.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock worth $8,040,000 after purchasing an additional 335,966 shares during the period. Vanguard Group Inc. lifted its position in Wolfspeed by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock valued at $106,056,000 after purchasing an additional 299,304 shares during the period. Finally, Yaupon Capital Management LP acquired a new stake in Wolfspeed during the fourth quarter worth about $1,924,000.
Insider Activity at Wolfspeed
In other news, CFO Neill Reynolds sold 13,909 shares of the company’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the sale, the chief financial officer now directly owns 195,257 shares of the company’s stock, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.84% of the company’s stock.
Wolfspeed Stock Performance
Wolfspeed (NYSE:WOLF – Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 103.97% and a negative net margin of 146.43%. The firm had revenue of $185.40 million during the quarter, compared to analysts’ expectations of $190.03 million. During the same quarter in the previous year, the business earned ($0.62) earnings per share. The firm’s revenue was down 7.6% compared to the same quarter last year. On average, equities research analysts forecast that Wolfspeed will post -4 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on WOLF. Citigroup reaffirmed a “sell” rating and issued a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. The Goldman Sachs Group reduced their price objective on Wolfspeed from $15.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Piper Sandler lowered their price objective on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Wolfspeed in a research report on Friday, May 9th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.15.
Check Out Our Latest Report on WOLF
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.
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