Primecap Management Co. CA Acquires 303,870 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Primecap Management Co. CA boosted its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 5.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. 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 5.00% of Wolfspeed worth $61,587,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in WOLF. Connor Clark & Lunn Investment Management Ltd. boosted 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 last quarter. Vanguard Group Inc. lifted its stake in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares in the last quarter. Iridian Asset Management LLC CT boosted its holdings in Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after acquiring an additional 397,057 shares during the last quarter. Samlyn Capital LLC grew its stake in shares of Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after acquiring an additional 343,277 shares in the last quarter. Finally, Yong Rong HK Asset Management Ltd bought a new stake in shares of Wolfspeed in the 3rd quarter worth $2,988,000.

Wolfspeed Trading Up 0.5 %

Shares of WOLF opened at $6.47 on Friday. Wolfspeed, Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $47.43. The business has a 50-day moving average of $10.71 and a 200 day moving average of $16.94. The firm has a market cap of $826.23 million, a P/E ratio of -1.09 and a beta of 1.46. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14.

Wolfspeed (NYSE:WOLF) last posted its 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 return on equity of 49.86% and a negative net margin of 93.31%. The business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. As a group, research analysts forecast that Wolfspeed, Inc. will post -4.13 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on WOLF. Morgan Stanley boosted their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft cut their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Bank of America reduced their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Mizuho dropped their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday. Finally, Canaccord Genuity Group reduced their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and a consensus target price of $17.21.

Insider Buying and Selling

In related news, Director Darren R. Jackson acquired 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Thomas H. Werner bought 37,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the purchase, the chairman now owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.84% of the stock is owned by insiders.

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.