63,500 Wolfspeed, Inc. $WOLF Shares Bought by Penn Capital Management Company LLC

Key Points

• Penn Capital Management increased its Wolfspeed stake 12.4% in the third quarter, buying 63,500 shares to hold 577,475 shares worth about $16.27 million.
• Several other institutional investors initiated positions, including Renesas Electronics America, whose stake was valued at approximately $813 million.
• Wolfspeed reported quarterly revenue of $155 million, above estimates, but an EPS loss of $2.03 that missed consensus; revenue fell 21.2% year over year. Analysts’ consensus rating was “Hold,” with an average price target of $22.67.

Penn Capital Management Company LLC lifted its position in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 12.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 577,475 shares of the company's stock after acquiring an additional 63,500 shares during the quarter. Penn Capital Management Company LLC owned 1.09% of Wolfspeed worth $16,270,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Renesas Electronics America Inc. acquired a new stake in shares of Wolfspeed during the 2nd quarter valued at approximately $813,126,949. Brooklands Fund Management Ltd bought a new stake in Wolfspeed during the third quarter valued at $25,376,000. Panview Capital Ltd bought a new stake in Wolfspeed during the second quarter valued at $6,952,000. Readystate Asset Management LP bought a new stake in Wolfspeed during the second quarter valued at $6,841,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Wolfspeed during the first quarter worth $1,796,000.

Wolfspeed Price Performance

Shares of WOLF opened at $26.18 on Tuesday. Wolfspeed, Inc. has a 12 month low of $13.48 and a 12 month high of $80.82. The stock has a fifty day moving average price of $26.29 and a 200 day moving average price of $30.22. The company has a market cap of $1.39 billion, a P/E ratio of -1.84 and a beta of 8.67.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its earnings results on Wednesday, November 4th. The company reported ($2.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.99) by ($0.04). The business had revenue of $155.00 million during the quarter, compared to the consensus estimate of $149.86 million. During the same quarter last year, the firm earned ($0.55) EPS. The business's revenue was down 21.2% compared to the same quarter last year. As a group, research analysts anticipate that Wolfspeed, Inc. will post -8.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on WOLF shares. Susquehanna reduced their price target on shares of Wolfspeed from $30.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 21st. Weiss Ratings downgraded shares of Wolfspeed from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, October 23rd. Zacks Research upgraded shares of Wolfspeed to a "hold" rating in a research note on Friday, September 25th. Wall Street Zen raised shares of Wolfspeed from a "strong sell" rating to a "sell" rating in a report on Saturday. Finally, TD Cowen cut their target price on shares of Wolfspeed from $25.00 to $23.00 and set a "hold" rating on the stock in a report on Thursday, November 5th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $22.67.

Wolfspeed Company Profile

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