Raiffeisen Bank International AG Invests $1.78 Million in Wolfspeed, Inc. (NYSE:WOLF)

Raiffeisen Bank International AG purchased a new position in Wolfspeed, Inc. (NYSE:WOLF - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 264,000 shares of the company's stock, valued at approximately $1,782,000. Raiffeisen Bank International AG owned approximately 0.21% of Wolfspeed at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Wolfspeed by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock worth $106,056,000 after buying an additional 299,304 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Wolfspeed by 38.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock worth $8,040,000 after buying an additional 335,966 shares in the last quarter. Stifel Financial Corp lifted its stake in shares of Wolfspeed by 413.0% in the fourth quarter. Stifel Financial Corp now owns 137,690 shares of the company's stock worth $917,000 after buying an additional 110,848 shares in the last quarter. South Dakota Investment Council lifted its stake in shares of Wolfspeed by 26.4% in the fourth 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 in the last quarter. Finally, Primecap Management Co. CA lifted its stake in shares of Wolfspeed by 2.7% in the fourth 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 in the last quarter.

Wolfspeed Price Performance

Wolfspeed stock opened at $3.88 on Friday. The company's 50 day simple moving average is $3.70 and its 200-day simple moving average is $6.13. The company has a market capitalization of $603.05 million, a price-to-earnings ratio of -0.50 and a beta of 1.62. Wolfspeed, Inc. has a 1 year low of $2.06 and a 1 year high of $30.86. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

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, beating analysts' consensus estimates of ($0.82) by $0.10. The firm had revenue of $185.40 million during the quarter, compared to analysts' expectations of $190.03 million. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. The business's quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.62) earnings per share. As a group, equities research analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Insider Activity at Wolfspeed

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 transaction of $55,496.91. Following the completion of the transaction, the chief financial officer now owns 195,257 shares in the company, valued at $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

WOLF has been the topic of several research reports. Citigroup reissued 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. Piper Sandler reduced their target price on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. The Goldman Sachs Group reduced their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Susquehanna reduced their target price on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 22nd. Finally, Canaccord Genuity Group reduced their target price on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, January 30th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Wolfspeed currently has a consensus rating of "Hold" and a consensus target price of $11.15.

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.

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