Prescott Group Capital Management L.L.C. Takes Position in Wolfspeed, Inc. $WOLF

Prescott Group Capital Management L.L.C. purchased a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 368,498 shares of the company’s stock, valued at approximately $6,416,000. Prescott Group Capital Management L.L.C. owned 1.42% of Wolfspeed as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Wolfspeed by 745,575.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 89,481 shares of the company’s stock valued at $1,558,000 after acquiring an additional 89,469 shares during the period. UBS Group AG boosted its holdings in shares of Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after acquiring an additional 1,233,419 shares during the period. Calamos Advisors LLC acquired a new position in shares of Wolfspeed during the fourth quarter valued at $12,451,000. Capital Investment Advisory Services LLC boosted its holdings in shares of Wolfspeed by 13.3% during the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after acquiring an additional 1,783 shares during the period. Finally, Shah Capital Management acquired a new position in shares of Wolfspeed during the fourth quarter valued at $583,000.

Wolfspeed Trading Down 0.5%

Shares of NYSE WOLF opened at $58.53 on Thursday. Wolfspeed, Inc. has a twelve month low of $8.05 and a twelve month high of $73.74. The company has a market capitalization of $2.83 billion and a price-to-earnings ratio of -5.54. The firm has a 50-day moving average of $28.91 and a two-hundred day moving average of $22.43.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. During the same period in the previous year, the company posted ($0.72) earnings per share. Wolfspeed’s revenue was down 19.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Susquehanna reduced their price objective on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Finally, Zacks Research raised shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.