Frontier Capital Management Co. LLC Acquires 995,020 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Frontier Capital Management Co. LLC raised its position in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 94.2% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,050,778 shares of the company's stock after acquiring an additional 995,020 shares during the period. Frontier Capital Management Co. LLC owned about 1.61% of Wolfspeed worth $13,658,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP lifted its stake in Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after acquiring an additional 1,949 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock valued at $50,000 after acquiring an additional 2,533 shares in the last quarter. KBC Group NV lifted its stake in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after acquiring an additional 2,629 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after acquiring an additional 2,912 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Wolfspeed by 66.6% in the 4th quarter. GAMMA Investing LLC now owns 7,569 shares of the company's stock valued at $50,000 after acquiring an additional 3,025 shares in the last quarter.

Wolfspeed Stock Performance

Shares of WOLF stock traded down $1.16 during trading on Friday, reaching $3.27. 50,505,532 shares of the company's stock were exchanged, compared to its average volume of 14,638,901. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The stock has a market capitalization of $417.62 million, a PE ratio of -0.43 and a beta of 1.62. Wolfspeed, Inc. has a twelve month low of $2.06 and a twelve month high of $30.86. The firm's fifty day moving average price is $3.87 and its 200-day moving average price is $6.40.

Insider Buying and Selling

In related news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction that occurred 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 approximately $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.84% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on WOLF. Bank of America cut their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research note on Thursday, January 30th. The Goldman Sachs Group lowered their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Piper Sandler lowered their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research report on Friday. Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 22nd. Finally, Citigroup reaffirmed a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research report on Friday. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Wolfspeed has a consensus rating of "Hold" and a consensus target price of $11.15.

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.