Aviva PLC Takes $511,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

Aviva PLC purchased a new position in Wolfspeed, Inc. (NYSE:WOLF – Get Rating) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,400 shares of the company’s stock, valued at approximately $511,000.

Several other hedge funds have also added to or reduced their stakes in WOLF. Lazard Asset Management LLC bought a new stake in Wolfspeed in the third quarter worth $25,000. Tobam purchased a new position in shares of Wolfspeed in the fourth quarter valued at about $30,000. WASHINGTON TRUST Co purchased a new position in shares of Wolfspeed in the fourth quarter valued at about $31,000. Signaturefd LLC increased its position in shares of Wolfspeed by 34.1% in the fourth quarter. Signaturefd LLC now owns 547 shares of the company’s stock valued at $38,000 after acquiring an additional 139 shares during the period. Finally, Baldwin Brothers LLC MA purchased a new position in shares of Wolfspeed in the fourth quarter valued at about $52,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 23rd. Wells Fargo & Company decreased their price objective on shares of Wolfspeed from $110.00 to $80.00 in a research report on Thursday, April 27th. Oppenheimer cut shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 27th. The Goldman Sachs Group reduced their price target on shares of Wolfspeed from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 19th. Finally, BMO Capital Markets reduced their price target on shares of Wolfspeed from $80.00 to $55.00 in a research report on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $81.83.

Insider Transactions at Wolfspeed

In other news, CEO Gregg A. Lowe bought 5,450 shares of the company’s stock in a transaction dated Friday, April 28th. The shares were purchased at an average price of $45.94 per share, for a total transaction of $250,373.00. Following the completion of the purchase, the chief executive officer now owns 524,855 shares in the company, valued at approximately $24,111,838.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Gregg A. Lowe acquired 5,450 shares of the stock in a transaction that occurred on Friday, April 28th. The shares were bought at an average price of $45.94 per share, for a total transaction of $250,373.00. Following the completion of the transaction, the chief executive officer now directly owns 524,855 shares in the company, valued at $24,111,838.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Replogle acquired 10,566 shares of the stock in a transaction that occurred on Friday, April 28th. The shares were bought at an average price of $47.54 per share, for a total transaction of $502,307.64. Following the transaction, the director now owns 81,405 shares of the company’s stock, valued at $3,869,993.70. The disclosure for this purchase can be found here. Insiders own 0.62% of the company’s stock.

Wolfspeed Trading Up 2.0 %

Shares of NYSE WOLF opened at $44.03 on Monday. The firm’s 50 day moving average price is $53.11 and its 200-day moving average price is $65.53. The company has a market cap of $5.48 billion, a PE ratio of -29.75 and a beta of 1.53. Wolfspeed, Inc. has a 52-week low of $39.02 and a 52-week high of $125.48. The company has a debt-to-equity ratio of 1.78, a quick ratio of 4.22 and a current ratio of 4.69.

Wolfspeed (NYSE:WOLF – Get Rating) last issued its earnings results on Wednesday, April 26th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.06. The firm had revenue of $228.70 million for the quarter, compared to the consensus estimate of $218.54 million. Wolfspeed had a negative net margin of 20.14% and a negative return on equity of 5.43%. On average, equities research analysts expect that Wolfspeed, Inc. will post -1.17 EPS for the current fiscal year.

About Wolfspeed

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Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.