SG Americas Securities LLC raised its holdings in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 422.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 533,965 shares of the company's stock after purchasing an additional 431,680 shares during the period. SG Americas Securities LLC owned about 0.42% of Wolfspeed worth $1,634,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its holdings in Wolfspeed by 1,240.6% in the fourth 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 last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after purchasing an additional 2,912 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after purchasing an additional 1,949 shares in the last quarter. Sterling Capital Management LLC raised its holdings in shares of Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock worth $50,000 after purchasing an additional 2,533 shares in the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in Wolfspeed during the fourth quarter valued at approximately $67,000.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the company. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Citigroup restated a "sell" rating and issued a $3.00 target price (down from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler reduced their target price on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, The Goldman Sachs Group decreased their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.15.
Get Our Latest Analysis on Wolfspeed
Insiders Place Their Bets
In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.84% of the company's stock.
Wolfspeed Stock Up 0.4%
Wolfspeed stock traded up $0.01 during trading hours on Monday, hitting $1.30. The company had a trading volume of 8,361,257 shares, compared to its average volume of 18,073,392. Wolfspeed, Inc. has a fifty-two week low of $0.82 and a fifty-two week high of $27.39. 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 firm has a market capitalization of $201.54 million, a P/E ratio of -0.17 and a beta of 1.29. The firm's fifty day moving average is $2.53 and its 200-day moving average is $4.97.
Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. The business had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. During the same period in the previous year, the company posted ($0.62) EPS. Wolfspeed's revenue was down 7.6% on a year-over-year basis. On average, research analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.
Wolfspeed Company Profile
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Free Report)
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.
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