Newbridge Financial Services Group Inc. Takes Position in Wolfspeed, Inc. (NYSE:WOLF)

Newbridge Financial Services Group Inc. purchased a new stake in Wolfspeed, Inc. (NYSE:WOLF) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 7,775 shares of the company’s stock, valued at approximately $52,000.

Several other large investors have also modified their holdings of WOLF. Primecap Management Co. CA raised its holdings in shares of Wolfspeed by 5.0% in the 3rd 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. Two Sigma Advisers LP raised its holdings in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after buying an additional 2,189,500 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Wolfspeed by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after buying an additional 21,143 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares during the period. Finally, Iridian Asset Management LLC CT raised its holdings in shares of Wolfspeed by 56.6% in the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock valued at $5,436,000 after buying an additional 295,025 shares during the period.

Insider Activity

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Darren R. Jackson purchased 36,975 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, with a total value of $249,951.00. Following the transaction, the director now owns 85,996 shares in the company, valued at $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 78,067 shares of company stock worth $524,747. Corporate insiders own 0.84% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on WOLF shares. Bank of America cut their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. StockNews.com upgraded Wolfspeed to a “sell” rating in a report on Monday, January 6th. The Goldman Sachs Group cut their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Piper Sandler cut their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Finally, Morgan Stanley upped their price target on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Trading Down 6.9 %

Shares of Wolfspeed stock opened at $5.05 on Wednesday. The company has a fifty day simple moving average of $6.87 and a 200-day simple moving average of $9.66. Wolfspeed, Inc. has a 12-month low of $4.66 and a 12-month high of $30.87. 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 has a market cap of $644.30 million, a price-to-earnings ratio of -0.66 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, equities analysts forecast that Wolfspeed, Inc. will post -4.15 EPS for the current fiscal year.

Wolfspeed Profile

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.