Monaco Asset Management SAM Takes $999,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

Monaco Asset Management SAM acquired a new stake in Wolfspeed, Inc. (NYSE:WOLF) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 150,000 shares of the company’s stock, valued at approximately $999,000. Monaco Asset Management SAM owned about 0.12% of Wolfspeed at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. South Dakota Investment Council raised its holdings in Wolfspeed by 26.4% in the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company’s stock valued at $4,778,000 after acquiring an additional 149,648 shares in the last quarter. Public Sector Pension Investment Board acquired a new stake in Wolfspeed in the third quarter valued at approximately $2,590,000. Primecap Management Co. CA boosted its position in Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after buying an additional 303,870 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock worth $5,748,000 after acquiring an additional 173,409 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in Wolfspeed by 225.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after acquiring an additional 68,423 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WOLF. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Susquehanna dropped their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Canaccord Genuity Group dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Piper Sandler dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Finally, The Goldman Sachs Group cut their price objective on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Performance

NYSE:WOLF opened at $5.10 on Friday. The business has a fifty day simple moving average of $5.98 and a two-hundred day simple moving average of $8.47. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. Wolfspeed, Inc. has a 1 year low of $4.66 and a 1 year high of $30.86. The company has a market capitalization of $650.70 million, a P/E ratio of -0.66 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (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%. On average, analysts expect that Wolfspeed, Inc. will post -4 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.