Primecap Management Co. CA Raises Stock Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Primecap Management Co. CA lifted its stake in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 5.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,349,180 shares of the company's stock after acquiring an additional 303,870 shares during the period. Primecap Management Co. CA owned 5.00% of Wolfspeed worth $61,587,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Mather Group LLC. increased its stake in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company's stock worth $27,000 after acquiring an additional 933 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of 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 purchasing an additional 691 shares during the last quarter. Signaturefd LLC raised its holdings in Wolfspeed by 284.3% in the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company's stock valued at $48,000 after buying an additional 1,544 shares during the period. Eastern Bank acquired a new position in Wolfspeed in the third quarter valued at about $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Wolfspeed during the second quarter worth about $75,000.

Wolfspeed Stock Performance

Shares of NYSE:WOLF traded up $2.00 during midday trading on Friday, hitting $8.44. The stock had a trading volume of 33,873,966 shares, compared to its average volume of 7,064,135. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The stock has a 50 day moving average price of $10.71 and a two-hundred day moving average price of $16.94. Wolfspeed, Inc. has a 1 year low of $6.10 and a 1 year high of $47.43. The company has a market capitalization of $1.08 billion, a PE ratio of -1.42 and a beta of 1.46.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.03). The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. As a group, equities analysts predict that Wolfspeed, Inc. will post -4.13 earnings per share for the current fiscal year.

Insider Activity at Wolfspeed

In other news, Director Darren R. Jackson bought 36,975 shares of the firm's stock in a transaction 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 completion of the transaction, the director now owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Thomas H. Werner bought 37,500 shares of the stock in a transaction on Wednesday, November 20th. The stock was purchased at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the acquisition, the chairman now directly owns 108,549 shares of the company's stock, valued at $708,824.97. The trade was a 52.78 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

WOLF has been the topic of a number of research analyst reports. TD Cowen reduced their price target on shares of Wolfspeed from $25.00 to $15.00 and set a "hold" rating on the stock in a research note on Thursday, August 22nd. Bank of America cut their target price on Wolfspeed from $25.00 to $15.00 and set an "underperform" rating on the stock in a research report on Friday, August 23rd. Susquehanna lowered their price target on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Canaccord Genuity Group cut their price objective on Wolfspeed from $25.00 to $18.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Finally, Mizuho lowered their target price on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a report on Tuesday. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Wolfspeed currently has an average rating of "Hold" and an average price target of $17.21.

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.