2,820 Shares in Wolfspeed, Inc. (NYSE:WOLF) Bought by Eastern Bank

Eastern Bank purchased a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,820 shares of the company’s stock, valued at approximately $27,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after buying an additional 449,732 shares during the period. Primecap Management Co. CA increased its stake in Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after buying an additional 800,540 shares during the period. Bank of New York Mellon Corp increased its stake in Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after buying an additional 147,527 shares during the period. Samlyn Capital LLC increased its stake in Wolfspeed by 51.6% during the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after buying an additional 343,277 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Wolfspeed by 2.0% during the 1st quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock worth $21,265,000 after buying an additional 14,007 shares during the period.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $14.86 on Friday. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The firm has a 50-day simple moving average of $10.76 and a 200 day simple moving average of $18.87. The company has a market cap of $1.87 billion, a PE ratio of -2.30 and a beta of 1.52. Wolfspeed, Inc. has a fifty-two week low of $7.28 and a fifty-two week high of $47.43.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. On average, sell-side analysts anticipate that Wolfspeed, Inc. will post -3.84 EPS for the current year.

Analysts Set New Price Targets

WOLF has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. TD Cowen dropped their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Morgan Stanley boosted their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Canaccord Genuity Group dropped their target price on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, Susquehanna dropped their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $22.43.

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.