Wexford Capital LP Takes $83,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

Wexford Capital LP acquired a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,477 shares of the company’s stock, valued at approximately $83,000.

Other hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp increased its holdings in shares of Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after acquiring an additional 3,548 shares in the last quarter. R Squared Ltd purchased a new stake in Wolfspeed in the fourth quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC boosted its position in Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after buying an additional 2,912 shares during the last quarter. KBC Group NV boosted its position in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after buying an additional 2,629 shares during the last quarter. Finally, Allworth Financial LP boosted its position in 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 buying an additional 1,949 shares during the last quarter.

Wolfspeed Price Performance

Wolfspeed stock opened at $3.50 on Tuesday. The company’s fifty day moving average price is $3.67 and its 200 day moving average price is $5.95. Wolfspeed, Inc. has a 1 year low of $2.06 and a 1 year high of $30.86. The stock has a market capitalization of $544.69 million, a P/E ratio of -0.46 and a beta of 1.62. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.10. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. The firm had revenue of $185.40 million for the quarter, compared to analysts’ expectations of $190.03 million. During the same quarter last year, the company earned ($0.62) EPS. The firm’s revenue for the quarter was down 7.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on WOLF. Bank of America dropped their target price 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 dropped their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Citigroup reiterated a “sell” rating and issued a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a research report on Friday, May 9th. Susquehanna dropped their target price on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Finally, Piper Sandler lowered their price objective on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and an average price target of $11.15.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm’s stock in a transaction on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the transaction, the chief financial officer now owns 195,257 shares in the company, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.84% of the stock is currently owned by insiders.

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.