Dimensional Fund Advisors LP Acquires 78,638 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Dimensional Fund Advisors LP boosted its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 16.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 552,953 shares of the company's stock after acquiring an additional 78,638 shares during the quarter. Dimensional Fund Advisors LP owned 0.43% of Wolfspeed worth $3,683,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its position in Wolfspeed by 1,240.6% during the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after acquiring an additional 3,548 shares during the period. R Squared Ltd acquired a new stake in Wolfspeed during the 4th quarter worth about $28,000. Steward Partners Investment Advisory LLC boosted its position in Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after acquiring an additional 2,912 shares during the period. KBC Group NV boosted its position in Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after acquiring an additional 2,629 shares during the period. Finally, Allworth Financial LP boosted its position in Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after acquiring an additional 1,949 shares during the period.

Wolfspeed Stock Performance

WOLF traded down $0.40 on Monday, hitting $3.50. The company had a trading volume of 18,006,414 shares, compared to its average volume of 15,162,516. The company's fifty day moving average price is $3.67 and its 200 day moving average price is $5.95. Wolfspeed, Inc. has a 1-year low of $2.06 and a 1-year high of $30.86. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The stock has a market cap of $544.69 million, a price-to-earnings ratio of -0.46 and a beta of 1.62.

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 70.84% and a negative net margin of 125.96%. The firm had revenue of $185.40 million during the quarter, compared to analyst estimates of $190.03 million. During the same period in the previous year, the company earned ($0.62) EPS. The company's revenue for the quarter was down 7.6% on a year-over-year basis. Equities analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on WOLF shares. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Canaccord Genuity Group decreased their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Piper Sandler reduced their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Bank of America reduced their price target on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a report on Thursday, January 30th. Finally, Citigroup reiterated a "sell" rating and set a $3.00 price target (down from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Wolfspeed has a consensus rating of "Hold" and a consensus target price of $11.15.

Insider Buying and Selling

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the transaction, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at $779,075.43. The trade was a 6.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.84% of the company's stock.

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.