ProShare Advisors LLC Acquires 1,993 Shares of Wolfspeed, Inc. (NYSE:WOLF)

ProShare Advisors LLC raised its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 9.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,395 shares of the company’s stock after acquiring an additional 1,993 shares during the quarter. ProShare Advisors LLC’s holdings in Wolfspeed were worth $532,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of WOLF. Vanguard Group Inc. grew its position in shares of Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after buying an additional 449,732 shares during the period. Primecap Management Co. CA boosted its stake in Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after acquiring an additional 800,540 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Wolfspeed by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after purchasing an additional 147,527 shares during the period. Cibc World Markets Corp bought a new stake in Wolfspeed in the fourth quarter valued at approximately $34,808,000. Finally, Rafferty Asset Management LLC raised its holdings in Wolfspeed by 15.1% in the fourth quarter. Rafferty Asset Management LLC now owns 785,479 shares of the company’s stock worth $34,176,000 after purchasing an additional 102,948 shares during the period.

Wolfspeed Stock Performance

Shares of WOLF stock opened at $9.70 on Tuesday. Wolfspeed, Inc. has a 12 month low of $7.28 and a 12 month high of $47.43. The company’s fifty day simple moving average is $11.97 and its 200-day simple moving average is $20.83. The firm has a market cap of $1.22 billion, a PE ratio of -1.50 and a beta of 1.52. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The business had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. Equities research analysts expect that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on WOLF. Mizuho decreased their price target on shares of Wolfspeed from $28.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Susquehanna decreased their target price on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Piper Sandler dropped their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 22nd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $24.53.

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.