Vanguard Group Inc. Has $57.88 Million Position in Wolfspeed $WOLF

Key Points

• Vanguard Group Inc. has increased its stake in Wolfspeed by 18.8%, acquiring a total of approximately 18.9 million shares worth about $57.9 million.
• Despite Vanguard's investment, analysts have mixed opinions on the stock, with ratings ranging from "underweight" to "buy," resulting in a consensus rating of "Hold" and a price target of $9.80.
• Wolfspeed reported a quarterly loss of ($0.85) EPS, missing estimates, while revenue was higher than expected at $197 million.

Vanguard Group Inc. boosted its position in Wolfspeed (NYSE:WOLF - Free Report) by 18.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,913,793 shares of the company's stock after buying an additional 2,989,503 shares during the quarter. Vanguard Group Inc. owned approximately 14.81% of Wolfspeed worth $57,876,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in WOLF. Envestnet Asset Management Inc. acquired a new position in Wolfspeed during the fourth quarter worth $84,000. Raymond James Financial Inc. bought a new position in Wolfspeed in the fourth quarter valued at approximately $109,000. Dimensional Fund Advisors LP grew its stake in Wolfspeed by 16.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 552,953 shares of the company's stock valued at $3,683,000 after purchasing an additional 78,638 shares in the last quarter. State of Tennessee Department of Treasury grew its stake in Wolfspeed by 69.1% in the fourth quarter. State of Tennessee Department of Treasury now owns 54,437 shares of the company's stock valued at $363,000 after purchasing an additional 22,242 shares in the last quarter. Finally, Stifel Financial Corp grew its stake in Wolfspeed by 413.0% in the fourth quarter. Stifel Financial Corp now owns 137,690 shares of the company's stock valued at $917,000 after purchasing an additional 110,848 shares in the last quarter.

Wall Street Analysts Forecast Growth

WOLF has been the subject of a number of analyst reports. Citigroup restated a "sell" rating and issued a $3.00 price target (down from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Finally, Piper Sandler decreased their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Wolfspeed has an average rating of "Hold" and an average price target of $9.80.

Wolfspeed Stock Performance

Shares of WOLF traded down $0.05 during mid-day trading on Wednesday, hitting $1.29. 4,862,736 shares of the company's stock were exchanged, compared to its average volume of 37,809,789. The firm has a market cap of $199.98 million, a price-to-earnings ratio of -0.11 and a beta of 1.23. Wolfspeed has a 52 week low of $0.39 and a 52 week high of $17.45. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65. The stock's 50-day simple moving average is $1.33 and its 200-day simple moving average is $2.88.

Wolfspeed Profile

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.