Primecap Management Co. CA Boosts Position in Wolfspeed, Inc. (NYSE:WOLF)

Primecap Management Co. CA lifted its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 5.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,349,180 shares of the company’s stock after acquiring an additional 303,870 shares during the quarter. Primecap Management Co. CA owned approximately 0.05% of Wolfspeed worth $61,587,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Intech Investment Management LLC raised its holdings in Wolfspeed by 13.8% in the 3rd quarter. Intech Investment Management LLC now owns 55,700 shares of the company’s stock worth $540,000 after purchasing an additional 6,757 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of 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. Quest Partners LLC raised its stake in Wolfspeed by 315.2% in the third quarter. Quest Partners LLC now owns 37,899 shares of the company’s stock worth $368,000 after buying an additional 28,772 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Wolfspeed by 225.0% in the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after buying an additional 68,423 shares during the period. Finally, Sugar Maple Asset Management LLC bought a new stake in Wolfspeed during the 3rd quarter valued at approximately $211,000.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on WOLF shares. Roth Mkm decreased their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Bank of America dropped their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. Morgan Stanley raised their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, TD Cowen decreased their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus price target of $17.21.

Insider Activity at Wolfspeed

In other news, Chairman Thomas H. Werner purchased 37,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Darren R. Jackson purchased 36,975 shares of Wolfspeed stock in a transaction dated 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 transaction, the director now directly owns 85,996 shares in the company, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.84% of the stock is owned by company insiders.

Wolfspeed Stock Up 0.5 %

Shares of Wolfspeed stock opened at $6.47 on Friday. Wolfspeed, Inc. has a twelve month low of $6.10 and a twelve month high of $47.43. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The company’s 50 day moving average is $10.71 and its 200 day moving average is $16.94. The company has a market cap of $826.23 million, a price-to-earnings ratio of -1.09 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. The firm had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. Research analysts anticipate that Wolfspeed, Inc. will post -4.13 EPS for the current year.

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.