Seven Eight Capital LP Increases Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Seven Eight Capital LP grew its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 82.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 229,498 shares of the company’s stock after buying an additional 103,544 shares during the period. Wolfspeed accounts for about 0.5% of Seven Eight Capital LP’s holdings, making the stock its 21st largest holding. Seven Eight Capital LP owned about 0.18% of Wolfspeed worth $5,223,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of WOLF. New York State Teachers Retirement System increased its position in shares of Wolfspeed by 0.3% during the first quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock worth $4,233,000 after purchasing an additional 500 shares in the last quarter. Treasurer of the State of North Carolina increased its position in Wolfspeed by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock valued at $2,393,000 after acquiring an additional 540 shares during the period. TFO Wealth Partners LLC increased its position in Wolfspeed by 57,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after acquiring an additional 574 shares during the period. Green Alpha Advisors LLC increased its position in Wolfspeed by 2.6% in the 1st quarter. Green Alpha Advisors LLC now owns 26,142 shares of the company’s stock valued at $771,000 after acquiring an additional 662 shares during the period. Finally, Advisors Asset Management Inc. increased its position in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares during the period.

Analysts Set New Price Targets

Several research firms have issued reports on WOLF. Piper Sandler dropped their target price on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 22nd. Canaccord Genuity Group reduced their target price on Wolfspeed from $45.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Morgan Stanley reduced their target price on Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. TD Cowen reduced their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $24.53.

Wolfspeed Trading Up 4.4 %

WOLF opened at $8.60 on Wednesday. The firm has a market capitalization of $1.08 billion, a P/E ratio of -1.33 and a beta of 1.52. The firm’s 50 day moving average is $14.93 and its 200-day moving average is $22.17. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. Wolfspeed, Inc. has a 52-week low of $7.28 and a 52-week high of $47.43.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Analysts expect that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

Wolfspeed Company 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.