Stifel Financial Corp Purchases 110,848 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Stifel Financial Corp lifted its position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 413.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 137,690 shares of the company's stock after buying an additional 110,848 shares during the quarter. Stifel Financial Corp owned approximately 0.11% of Wolfspeed worth $917,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 299,304 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Wolfspeed by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock worth $8,040,000 after purchasing an additional 335,966 shares during the last quarter. South Dakota Investment Council increased its position in shares of Wolfspeed by 26.4% in the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock valued at $4,778,000 after acquiring an additional 149,648 shares during the period. Primecap Management Co. CA lifted its holdings in shares of Wolfspeed by 2.7% during the fourth quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company's stock worth $43,418,000 after purchasing an additional 169,984 shares during the period. Finally, Bryce Point Capital LLC acquired a new stake in shares of Wolfspeed during the 4th quarter worth approximately $1,003,000.

Insiders Place Their Bets

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm'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 value 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. This trade represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.84% of the company's stock.

Wolfspeed Price Performance

NYSE WOLF traded down $0.01 on Thursday, reaching $3.82. 5,434,929 shares of the stock traded hands, compared to its average volume of 14,959,303. 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 firm's fifty day simple moving average is $3.76 and its 200 day simple moving average is $6.29. Wolfspeed, Inc. has a 12 month low of $2.06 and a 12 month high of $30.86. The company has a market cap of $487.23 million, a price-to-earnings ratio of -0.50 and a beta of 1.62.

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

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Bank of America cut their target price 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. Susquehanna decreased their target price on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. The Goldman Sachs Group decreased their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Finally, Canaccord Genuity Group dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, January 30th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Wolfspeed currently has an average rating of "Hold" and an average price target 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.