Intech Investment Management LLC Purchases New Shares in Wolfspeed, Inc. (NYSE:WOLF)

Intech Investment Management LLC purchased a new position in Wolfspeed, Inc. (NYSE:WOLF) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 48,943 shares of the company’s stock, valued at approximately $1,114,000.

Other institutional investors have also added to or reduced their stakes in the company. Primecap Management Co. CA boosted its holdings in shares of Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares in the last quarter. Cibc World Markets Corp purchased a new position in Wolfspeed during the 4th quarter valued at about $34,808,000. Vanguard Group Inc. boosted its stake in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after acquiring an additional 449,732 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Wolfspeed by 15.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after purchasing an additional 352,609 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Wolfspeed by 30.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock valued at $14,513,000 after purchasing an additional 149,093 shares in the last quarter.

Analysts Set New Price Targets

WOLF has been the topic of several recent research reports. Piper Sandler cut their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 22nd. Mizuho cut their target price on Wolfspeed from $28.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a research report on Wednesday, August 7th. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $24.53.

Wolfspeed Stock Performance

WOLF stock opened at $8.20 on Wednesday. The company has a market cap of $1.03 billion, a P/E ratio of -1.27 and a beta of 1.53. The company has a debt-to-equity ratio of 6.99, a current ratio of 4.51 and a quick ratio of 3.85. Wolfspeed, Inc. has a 1 year low of $7.28 and a 1 year high of $47.43. The stock’s fifty day moving average price is $13.01 and its 200-day moving average price is $21.35.

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