Prescott Group Capital Management L.L.C. Buys 110,000 Shares of Wolfspeed, Inc. $WOLF

Key Points

• Prescott Group Capital Management initiated a Wolfspeed position, buying 110,000 shares worth about $3.09 million, or approximately 0.21% of the company.
• Analyst sentiment was mixed but averaged a “Hold”, with a consensus price target of $23.33; ratings included one Buy, three Holds, and one Sell.
• Wolfspeed’s latest reported quarterly loss per share was narrower than analysts expected, but revenue fell 24.1% year over year to $149.6 million and came in slightly below forecasts.

Prescott Group Capital Management L.L.C. bought a new position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 110,000 shares of the company's stock, valued at approximately $3,094,000. Prescott Group Capital Management L.L.C. owned about 0.21% of Wolfspeed as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of WOLF. SBI Securities Co. Ltd. lifted its stake in Wolfspeed by 96.8% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,429 shares of the company's stock worth $40,000 after purchasing an additional 703 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Wolfspeed in the second quarter worth about $204,000. AXQ Capital LP purchased a new stake in shares of Wolfspeed in the second quarter worth about $208,000. Concurrent Investment Advisors LLC purchased a new stake in shares of Wolfspeed in the second quarter worth about $229,000. Finally, Royal Bank of Canada purchased a new stake in shares of Wolfspeed in the first quarter worth about $89,000.

Wall Street Analyst Weigh In

WOLF has been the subject of a number of research reports. Susquehanna dropped their price target on Wolfspeed from $30.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, October 21st. Wall Street Zen downgraded Wolfspeed from a "sell" rating to a "strong sell" rating in a research note on Saturday, September 19th. Zacks Research raised Wolfspeed to a "hold" rating in a report on Friday, September 25th. Weiss Ratings downgraded Wolfspeed from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, October 23rd. Finally, TD Cowen initiated coverage on shares of Wolfspeed in a report on Thursday, August 20th. They issued a "hold" rating and a $25.00 target price for the company. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $23.33.

Wolfspeed Stock Performance

NYSE:WOLF opened at $22.34 on Wednesday. The firm has a market capitalization of $1.18 billion, a PE ratio of -1.42 and a beta of 8.67. The stock's fifty day moving average is $26.53 and its 200 day moving average is $30.16. Wolfspeed, Inc. has a fifty-two week low of $13.48 and a fifty-two week high of $80.82.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) EPS for the quarter, topping the consensus estimate of ($2.45) by $0.19. The firm had revenue of $149.60 million for the quarter, compared to analysts' expectations of $150.00 million. The firm's quarterly revenue was down 24.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.77) earnings per share. Equities analysts forecast that Wolfspeed, Inc. will post -8.27 EPS for the current year.

About Wolfspeed

Wolfspeed, Inc is a semiconductor company focused on silicon carbide (SiC) technologies. Its products are designed to support the conversion and management of electrical power in applications that require high efficiency, high voltage, and operation at elevated temperatures.

The company develops and manufactures SiC power devices, including metal-oxide-semiconductor field-effect transistors, diodes, power modules, and related components. It also produces SiC materials such as wafers and epitaxial substrates used by semiconductor manufacturers.

Want to see what other hedge funds are holding WOLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wolfspeed, Inc. (NYSE:WOLF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.