Erste Asset Management GmbH Grows Stake in Wolfspeed, Inc. (NYSE:WOLF)

Erste Asset Management GmbH increased its position in Wolfspeed, Inc. (NYSE:WOLF) by 77.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 793,518 shares of the company’s stock after acquiring an additional 346,319 shares during the quarter. Erste Asset Management GmbH’s holdings in Wolfspeed were worth $5,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. Primecap Management Co. CA grew its stake in shares of Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Wolfspeed by 38.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock worth $8,040,000 after buying an additional 335,966 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Wolfspeed by 1,158.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares during the period. Finally, Iridian Asset Management LLC CT increased its holdings in Wolfspeed by 56.6% during the fourth quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock valued at $5,436,000 after buying an additional 295,025 shares during the last quarter.

Analyst Ratings Changes

Several research analysts have recently weighed in on WOLF shares. Piper Sandler dropped their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Mizuho lowered their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. The Goldman Sachs Group reduced 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. Susquehanna lowered their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Finally, StockNews.com raised shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Performance

Wolfspeed stock opened at $5.10 on Friday. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The company has a market capitalization of $650.70 million, a PE ratio of -0.66 and a beta of 1.50. The company has a 50 day moving average price of $5.98 and a 200-day moving average price of $8.47. Wolfspeed, Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $30.86.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (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 analysts forecast 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.