Vanguard Group Inc. Buys 299,304 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Vanguard Group Inc. boosted its position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,924,290 shares of the company's stock after purchasing an additional 299,304 shares during the period. Vanguard Group Inc. owned 12.47% of Wolfspeed worth $106,056,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Jones Financial Companies Lllp increased its position in Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock worth $26,000 after buying an additional 3,548 shares during the last quarter. R Squared Ltd bought a new position in shares of Wolfspeed in the 4th quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC lifted its holdings in Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after purchasing an additional 2,912 shares during the last quarter. KBC Group NV grew its holdings in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after purchasing an additional 2,629 shares during the last quarter. Finally, Allworth Financial LP raised its position in shares of Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after purchasing an additional 1,949 shares during the period.

Wolfspeed Price Performance

Shares of WOLF traded up $0.01 during trading hours on Friday, hitting $2.17. The stock had a trading volume of 15,638,897 shares, compared to its average volume of 12,614,111. The stock has a market capitalization of $276.50 million, a price-to-earnings ratio of -0.28 and a beta of 1.69. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The company's fifty day moving average is $4.96 and its two-hundred day moving average is $7.64. Wolfspeed, Inc. has a 52 week low of $2.06 and a 52 week high of $30.86.

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Wolfspeed (NYSE:WOLF - Get Free Report) last posted its quarterly earnings data 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%. On average, analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current year.

Wall Street Analyst Weigh In

WOLF has been the topic of several recent analyst reports. StockNews.com upgraded shares of Wolfspeed to a "sell" rating in a report on Monday, January 6th. Bank of America dropped their price target on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. Canaccord Genuity Group reduced their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Piper Sandler dropped their target price on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, January 30th. Finally, Susquehanna reduced their price target on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Wolfspeed currently has an average rating of "Hold" and an average target price of $13.15.

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.