Quadrature Capital Ltd Purchases 39,820 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Quadrature Capital Ltd raised its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 205.7% in the first quarter, Holdings Channel reports. The firm owned 59,174 shares of the company’s stock after acquiring an additional 39,820 shares during the quarter. Quadrature Capital Ltd’s holdings in Wolfspeed were worth $1,743,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Wolfspeed by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Norges Bank purchased a new stake in shares of Wolfspeed during the 4th quarter valued at about $308,701,000. Artisan Partners Limited Partnership boosted its holdings in shares of Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after acquiring an additional 352,609 shares during the last quarter. Primecap Management Co. CA boosted its holdings in shares of Wolfspeed by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock valued at $82,952,000 after acquiring an additional 29,700 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. boosted its holdings in shares of Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after acquiring an additional 1,165,600 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WOLF. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Tuesday, May 7th. Susquehanna dropped their price objective on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Finally, William Blair downgraded shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $35.43.

Wolfspeed Trading Up 4.9 %

Shares of WOLF traded up $0.89 during trading hours on Friday, reaching $19.23. 3,627,196 shares of the company traded hands, compared to its average volume of 3,186,264. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of -2.98 and a beta of 1.60. Wolfspeed, Inc. has a 12-month low of $18.10 and a 12-month high of $66.22. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. The stock’s fifty day moving average price is $24.77 and its 200 day moving average price is $26.71.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.49 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. Sell-side analysts forecast that Wolfspeed, Inc. will post -3.21 earnings per share for the current year.

Insider Activity

In other Wolfspeed news, Director Marvin Riley acquired 1,866 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average cost of $27.05 per share, with a total value of $50,475.30. Following the completion of the purchase, the director now directly owns 13,297 shares in the company, valued at $359,683.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.62% of the company’s stock.

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.