Yong Rong HK Asset Management Ltd purchased a new position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 308,000 shares of the company's stock, valued at approximately $2,988,000. Wolfspeed comprises about 0.9% of Yong Rong HK Asset Management Ltd's holdings, making the stock its 17th largest holding. Yong Rong HK Asset Management Ltd owned 0.24% of Wolfspeed at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the business. Seven Eight Capital LP lifted its stake in Wolfspeed by 0.5% in the first quarter. Seven Eight Capital LP now owns 125,954 shares of the company's stock valued at $3,716,000 after buying an additional 675 shares during the period. Advisors Asset Management Inc. boosted its stake in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company's stock worth $52,000 after acquiring an additional 691 shares during the last quarter. Arizona State Retirement System grew its holdings in Wolfspeed by 2.3% during the second quarter. Arizona State Retirement System now owns 35,217 shares of the company's stock valued at $802,000 after purchasing an additional 775 shares during the period. State of Michigan Retirement System increased its stake in Wolfspeed by 3.0% in the first quarter. State of Michigan Retirement System now owns 30,922 shares of the company's stock valued at $912,000 after purchasing an additional 900 shares in the last quarter. Finally, Mather Group LLC. raised its holdings in Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company's stock worth $27,000 after purchasing an additional 933 shares during the period.
Several research analysts recently commented on the company. Mizuho cut Wolfspeed from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. The Goldman Sachs Group cut their price target on shares of Wolfspeed from $48.00 to $28.00 and set a "buy" rating for the company in a research note on Thursday, August 22nd. Piper Sandler lowered their price objective on shares of Wolfspeed from $35.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, August 22nd. New Street Research cut Wolfspeed from a "buy" rating to a "neutral" rating and set a $18.00 price target for the company. in a report on Wednesday, August 7th. Finally, Bank of America dropped their price objective on Wolfspeed from $25.00 to $15.00 and set an "underperform" rating on the stock in a research note on Friday, August 23rd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, Wolfspeed has a consensus rating of "Hold" and a consensus target price of $22.43.
Read Our Latest Stock Report on WOLF
NYSE:WOLF opened at $13.35 on Friday. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -1.92 and a beta of 1.52. Wolfspeed, Inc. has a fifty-two week low of $7.28 and a fifty-two week high of $47.43. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The stock has a fifty day moving average price of $10.89 and a 200-day moving average price of $18.50.
Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings data 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 37.76% and a negative net margin of 107.93%. The firm had revenue of $200.70 million for the quarter, compared to the consensus estimate of $201.11 million. As a group, equities analysts anticipate that Wolfspeed, Inc. will post -4.07 EPS for the current fiscal year.
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.
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