Wolfspeed, Inc. (NYSE:WOLF) Shares Acquired by Weybosset Research & Management LLC

Weybosset Research & Management LLC raised its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 16.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,289 shares of the company’s stock after purchasing an additional 2,330 shares during the quarter. Wolfspeed comprises 0.3% of Weybosset Research & Management LLC’s holdings, making the stock its 25th biggest position. Weybosset Research & Management LLC’s holdings in Wolfspeed were worth $709,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Wolfspeed by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after purchasing an additional 188,236 shares in the last quarter. Norges Bank acquired a new stake in shares of Wolfspeed in the fourth quarter worth $223,238,000. Artisan Partners Limited Partnership increased its stake in shares of Wolfspeed by 7.3% in the third quarter. Artisan Partners Limited Partnership now owns 2,273,472 shares of the company’s stock worth $86,619,000 after acquiring an additional 154,021 shares during the period. Frontier Capital Management Co. LLC increased its stake in shares of Wolfspeed by 66.2% in the second quarter. Frontier Capital Management Co. LLC now owns 1,938,492 shares of the company’s stock worth $107,761,000 after acquiring an additional 772,055 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in shares of Wolfspeed by 49.0% in the second quarter. Thrivent Financial for Lutherans now owns 1,908,913 shares of the company’s stock worth $106,116,000 after acquiring an additional 628,065 shares during the period.

Wolfspeed Stock Performance

WOLF opened at $29.50 on Friday. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -4.85 and a beta of 1.65. Wolfspeed, Inc. has a 52-week low of $23.54 and a 52-week high of $70.42. The firm’s fifty day simple moving average is $28.34 and its two-hundred day simple moving average is $34.04.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.10. The business had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. Equities analysts anticipate that Wolfspeed, Inc. will post -3.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on WOLF shares. JPMorgan Chase & Co. cut their price objective on shares of Wolfspeed from $44.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, February 1st. Piper Sandler cut their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $46.40.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

About Wolfspeed

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.