Northwestern Mutual Wealth Management Co. Grows Stake in Wolfspeed, Inc. $WOLF

Northwestern Mutual Wealth Management Co. grew its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 745,575.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,481 shares of the company’s stock after purchasing an additional 89,469 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 0.35% of Wolfspeed worth $1,558,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Canada Pension Plan Investment Board purchased a new position in shares of Wolfspeed during the 2nd quarter valued at $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Wolfspeed during the 2nd quarter valued at $34,000. Marex Group plc bought a new stake in shares of Wolfspeed during the 2nd quarter worth $44,000. Eastern Bank bought a new stake in shares of Wolfspeed during the 4th quarter worth $46,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Wolfspeed during the 2nd quarter worth $47,000.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on WOLF shares. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Zacks Research raised shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Finally, Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Down 14.5%

Wolfspeed stock opened at $62.81 on Thursday. The company has a market capitalization of $3.04 billion and a PE ratio of -5.95. The firm has a fifty day simple moving average of $34.08 and a two-hundred day simple moving average of $24.09. Wolfspeed, Inc. has a twelve month low of $8.05 and a twelve month high of $80.82.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping the consensus estimate of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. The business’s revenue for the quarter was down 19.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.72) earnings per share.

Wolfspeed Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.