C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys Shares of 22,778 Wolfspeed, Inc. (NYSE:WOLF)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Wolfspeed, Inc. (NYSE:WOLF) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 22,778 shares of the company’s stock, valued at approximately $152,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WOLF. Truist Financial Corp purchased a new position in shares of Wolfspeed in the fourth quarter valued at $250,000. CIBC Asset Management Inc purchased a new position in shares of Wolfspeed in the fourth quarter valued at $70,000. Principal Financial Group Inc. increased its position in shares of Wolfspeed by 4.5% in the fourth quarter. Principal Financial Group Inc. now owns 619,057 shares of the company’s stock valued at $4,123,000 after buying an additional 26,458 shares in the last quarter. Allworth Financial LP increased its position in shares of Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock valued at $44,000 after buying an additional 1,949 shares in the last quarter. Finally, Rhumbline Advisers increased its position in shares of Wolfspeed by 5.1% in the fourth quarter. Rhumbline Advisers now owns 309,144 shares of the company’s stock valued at $2,059,000 after buying an additional 15,078 shares in the last quarter.

Analyst Ratings Changes

WOLF has been the subject of a number of research analyst reports. The Goldman Sachs Group dropped their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Mizuho dropped their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Bank of America dropped their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. StockNews.com upgraded Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Piper Sandler dropped their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Up 8.3 %

WOLF opened at $7.52 on Friday. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The stock has a market capitalization of $959.74 million, a price-to-earnings ratio of -0.98 and a beta of 1.43. The business has a 50-day moving average of $6.47 and a two-hundred day moving average of $9.23. Wolfspeed, Inc. has a 12 month low of $4.66 and a 12 month high of $30.86.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, research analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current 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.