Wolfspeed, Inc. (NYSE:WOLF) Stock Holdings Lifted by Northern Trust Corp

Northern Trust Corp grew its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 18.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 794,858 shares of the company's stock after purchasing an additional 122,606 shares during the quarter. Northern Trust Corp owned approximately 0.62% of Wolfspeed worth $5,294,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in WOLF. Vanguard Group Inc. grew its holdings in Wolfspeed by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock valued at $106,056,000 after purchasing an additional 299,304 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Wolfspeed by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock valued at $8,040,000 after purchasing an additional 335,966 shares during the last quarter. Stifel Financial Corp grew its stake in shares of Wolfspeed by 413.0% during the 4th quarter. Stifel Financial Corp now owns 137,690 shares of the company's stock valued at $917,000 after buying an additional 110,848 shares during the period. South Dakota Investment Council increased its holdings in shares of Wolfspeed by 26.4% during the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock worth $4,778,000 after buying an additional 149,648 shares during the last quarter. Finally, Primecap Management Co. CA raised its position in shares of Wolfspeed by 2.7% in the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company's stock worth $43,418,000 after buying an additional 169,984 shares during the period.

Insiders Place Their Bets

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the sale, the chief financial officer now directly owns 195,257 shares in the company, valued at approximately $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.84% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on WOLF. The Goldman Sachs Group lowered 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. Canaccord Genuity Group decreased their target price on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, January 30th. Citigroup reissued a "sell" rating and set a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Finally, Bank of America decreased their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research note on Thursday, January 30th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $11.15.

Wolfspeed Stock Down 15.5%

WOLF stock traded down $0.27 during midday trading on Monday, hitting $1.45. 68,674,044 shares of the company's stock were exchanged, compared to its average volume of 17,165,500. The firm has a 50 day moving average price of $3.28 and a 200-day moving average price of $5.61. Wolfspeed, Inc. has a 12-month low of $0.82 and a 12-month high of $30.86. The stock has a market capitalization of $224.88 million, a price-to-earnings ratio of -0.19 and a beta of 1.62. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, topping 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 company had revenue of $185.40 million during the quarter, compared to analyst estimates of $190.03 million. During the same period last year, the business earned ($0.62) EPS. The firm's revenue for the quarter was down 7.6% compared to the same quarter last year. On average, analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current year.

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.