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

Monaco Asset Management SAM purchased a new position in Wolfspeed, Inc. (NYSE:WOLF - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 150,000 shares of the company's stock, valued at approximately $999,000. Monaco Asset Management SAM owned 0.12% of Wolfspeed as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in WOLF. South Dakota Investment Council boosted its position in Wolfspeed by 26.4% during the fourth quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock valued at $4,778,000 after buying an additional 149,648 shares during the period. Public Sector Pension Investment Board purchased a new stake in Wolfspeed during the third quarter valued at about $2,590,000. Primecap Management Co. CA boosted its position in Wolfspeed by 5.0% during 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 during the period. Principal Financial Group Inc. boosted its position in Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock valued at $5,748,000 after buying an additional 173,409 shares during the period. Finally, Thrivent Financial for Lutherans boosted its position in Wolfspeed by 225.0% during the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company's stock valued at $959,000 after buying an additional 68,423 shares during the period.

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Analysts Set New Price Targets

A number of research firms have recently weighed in on WOLF. The Goldman Sachs Group dropped their target price on shares of Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, January 30th. Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a research note on Tuesday, November 19th. Susquehanna decreased their price target on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, January 22nd. Bank of America decreased their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research note on Thursday, January 30th. Finally, StockNews.com raised shares of Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Three 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 data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $14.86.

Wolfspeed Stock Performance

WOLF stock traded down $0.57 on Tuesday, hitting $5.45. The company had a trading volume of 10,821,144 shares, compared to its average volume of 10,529,180. Wolfspeed, Inc. has a 12-month low of $4.66 and a 12-month high of $30.86. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The stock's 50-day simple moving average is $5.90 and its 200 day simple moving average is $8.33. The stock has a market cap of $695.40 million, a price-to-earnings ratio of -0.71 and a beta of 1.50.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, equities research analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal 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.