Neuberger Berman Group LLC Grows Stock Position in Wolfspeed $WOLF

Key Points

• Neuberger Berman Group LLC increased its stake in Wolfspeed by 72.7% during the first quarter, owning approximately 3.39% of the company, valued at $13.7 million.
• Wolfspeed has received mixed ratings from analysts, with five analysts issuing a sell rating and a consensus rating of "Hold" alongside an average price target of $10.58.
• The stock is currently trading at $1.30, significantly lower than its one-year high of $17.45, and has shown a debt-to-equity ratio of 30.65.

Neuberger Berman Group LLC boosted its position in Wolfspeed (NYSE:WOLF - Free Report) by 72.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,329,584 shares of the company's stock after buying an additional 1,822,958 shares during the period. Neuberger Berman Group LLC owned approximately 3.39% of Wolfspeed worth $13,723,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Wolfspeed by 18.8% during the first quarter. Vanguard Group Inc. now owns 18,913,793 shares of the company's stock worth $57,876,000 after buying an additional 2,989,503 shares during the period. Primecap Management Co. CA lifted its position in shares of Wolfspeed by 2.2% during the 1st quarter. Primecap Management Co. CA now owns 6,665,270 shares of the company's stock valued at $20,396,000 after acquiring an additional 146,106 shares during the period. Frontier Capital Management Co. LLC lifted its position in shares of Wolfspeed by 94.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock valued at $13,658,000 after acquiring an additional 995,020 shares during the period. Voloridge Investment Management LLC lifted its position in shares of Wolfspeed by 0.7% during the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company's stock valued at $12,759,000 after acquiring an additional 12,660 shares during the period. Finally, South Dakota Investment Council lifted its position in shares of Wolfspeed by 121.8% during the 1st quarter. South Dakota Investment Council now owns 1,591,056 shares of the company's stock valued at $4,869,000 after acquiring an additional 873,574 shares during the period.

Analysts Set New Price Targets

A number of research firms have recently issued reports on WOLF. Piper Sandler reduced their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Finally, Citigroup reaffirmed a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $10.58.

Wolfspeed Price Performance

WOLF stock traded down $0.0150 during trading on Wednesday, hitting $1.3950. The stock had a trading volume of 1,882,243 shares, compared to its average volume of 38,813,473. The company's 50 day moving average price is $1.33 and its two-hundred day moving average price is $3.03. Wolfspeed has a 1-year low of $0.3876 and a 1-year high of $17.4475. The stock has a market cap of $217.10 million, a price-to-earnings ratio of -0.17 and a beta of 1.23. The company has a debt-to-equity ratio of 30.65, a quick ratio of 3.90 and a current ratio of 4.64.

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.