R Squared Ltd Purchases New Shares in Wolfspeed, Inc. (NYSE:WOLF)

R Squared Ltd purchased a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,200 shares of the company’s stock, valued at approximately $28,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Eastern Bank bought a new position in shares of Wolfspeed in the 3rd quarter worth $27,000. KBC Group NV lifted its holdings in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after acquiring an additional 2,629 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after acquiring an additional 3,664 shares in the last quarter. Arkadios Wealth Advisors bought a new position in Wolfspeed during the fourth quarter worth about $67,000. Finally, Asset Management One Co. Ltd. lifted its holdings in Wolfspeed by 69.0% during the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after acquiring an additional 2,885 shares in the last quarter.

Wall Street Analysts Forecast Growth

WOLF has been the topic of a number of recent analyst reports. Mizuho lowered their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. JPMorgan Chase & Co. reduced their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. StockNews.com upgraded Wolfspeed to a “sell” rating in a report on Monday, January 6th. Piper Sandler reduced their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Finally, The Goldman Sachs Group reduced their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. 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 MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Performance

NYSE:WOLF opened at $5.90 on Wednesday. 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 fifty day moving average of $7.30 and a two-hundred day moving average of $10.17. The stock has a market capitalization of $753.38 million, a PE ratio of -0.77 and a beta of 1.43. Wolfspeed, Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $30.87.

Wolfspeed (NYSE:WOLF) last issued its 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 net margin of 125.96% and a negative return on equity of 70.84%. As a group, research analysts forecast that Wolfspeed, Inc. will post -4.2 earnings per share for the current fiscal year.

Insider Activity

In other Wolfspeed news, Director Darren R. Jackson purchased 36,975 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the transaction, the director now directly owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Thomas H. Werner acquired 37,500 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of 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 disclosure for this purchase can be found here. Over the last quarter, insiders acquired 78,067 shares of company stock valued at $524,747. 0.84% of the stock is currently owned by company insiders.

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.