C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Invests $152,000 in Wolfspeed, Inc. (NYSE:WOLF)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Wolfspeed, Inc. (NYSE:WOLF) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,778 shares of the company’s stock, valued at approximately $152,000.

Several other institutional investors and hedge funds have also recently modified their holdings of WOLF. Eastern Bank purchased a new stake in shares of Wolfspeed in the third quarter worth approximately $27,000. R Squared Ltd purchased a new stake in shares of Wolfspeed during the fourth quarter valued at approximately $28,000. KBC Group NV increased its position in shares of Wolfspeed by 76.5% during 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 last quarter. GAMMA Investing LLC increased its position in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Wolfspeed during the fourth quarter valued at approximately $52,000.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on WOLF shares. Mizuho decreased 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. Susquehanna decreased their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Bank of America decreased 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. Roth Mkm decreased their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, StockNews.com raised 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, ten have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.86.

Insider Activity at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner acquired 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Darren R. Jackson acquired 36,975 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $6.76 per share, with a total value of $249,951.00. Following the purchase, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 78,067 shares of company stock valued at $524,747. Company insiders own 0.84% of the company’s stock.

Wolfspeed Price Performance

Wolfspeed stock opened at $6.15 on Friday. Wolfspeed, Inc. has a one year low of $4.66 and a one year high of $30.86. The business has a fifty day moving average price of $6.63 and a 200-day moving average price of $9.51. 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 firm has a market capitalization of $784.78 million, a P/E ratio of -0.80 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, equities research analysts forecast that Wolfspeed, Inc. will post -4.15 EPS for the current year.

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.