Vanguard Group Inc. Purchases 299,304 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Vanguard Group Inc. lifted its stake in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,924,290 shares of the company's stock after acquiring an additional 299,304 shares during the quarter. Vanguard Group Inc. owned 12.47% of Wolfspeed worth $106,056,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in WOLF. Jones Financial Companies Lllp grew 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 purchasing an additional 3,548 shares during the period. R Squared Ltd purchased a new position in shares of Wolfspeed in the 4th quarter worth $28,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after acquiring an additional 2,912 shares during the period. KBC Group NV lifted its holdings in Wolfspeed by 76.5% in the fourth 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 during the period. Finally, Allworth Financial LP boosted its position in Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after purchasing an additional 1,949 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Piper Sandler dropped their price target on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a research note on Thursday, January 30th. Canaccord Genuity Group reduced their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, January 30th. Susquehanna lowered their target price 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, StockNews.com upgraded Wolfspeed to a "sell" rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $13.15.

Wolfspeed Price Performance

Shares of Wolfspeed stock traded up $0.01 on Friday, hitting $2.17. 15,638,897 shares of the company traded hands, compared to its average volume of 12,647,543. Wolfspeed, Inc. has a 52 week low of $2.06 and a 52 week high of $30.86. The business has a 50-day simple moving average of $4.96 and a 200 day simple moving average of $7.63. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The stock has a market capitalization of $276.50 million, a P/E ratio of -0.28 and a beta of 1.69.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Research analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

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.