Northern Trust Corp Acquires 122,606 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Northern Trust Corp increased its position in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 18.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 794,858 shares of the company's stock after buying an additional 122,606 shares during the quarter. Northern Trust Corp owned 0.62% of Wolfspeed worth $5,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of WOLF. Jones Financial Companies Lllp lifted its position in Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after buying an additional 3,548 shares during the last quarter. R Squared Ltd bought a new stake in Wolfspeed in the 4th quarter worth approximately $28,000. Steward Partners Investment Advisory LLC lifted its position in 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 buying an additional 2,912 shares during the last quarter. KBC Group NV lifted its position in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after buying an additional 2,629 shares during the last quarter. Finally, Allworth Financial LP lifted its position in 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 buying an additional 1,949 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. The Goldman Sachs Group dropped their target price 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 lowered their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Citigroup reiterated a "sell" rating and issued a $3.00 price objective (down previously from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Finally, Piper Sandler lowered their price objective on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $11.15.

Wolfspeed Stock Down 15.5%

Shares of NYSE WOLF traded down $0.27 during trading on Friday, reaching $1.45. The company had a trading volume of 68,674,044 shares, compared to its average volume of 17,108,193. Wolfspeed, Inc. has a 12-month low of $0.82 and a 12-month high of $30.86. The stock has a market cap of $224.88 million, a PE ratio of -0.19 and a beta of 1.62. The business's 50-day moving average is $3.45 and its 200 day moving average is $5.82. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping analysts' consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The firm had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. During the same period in the prior year, the firm posted ($0.62) earnings per share. The company's quarterly revenue was down 7.6% on a year-over-year basis. As a group, equities analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In other news, CFO Neill Reynolds sold 13,909 shares of the company's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the transaction, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.84% of the company's stock.

Wolfspeed Company 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.