Mirova Purchases 5,861 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Mirova boosted its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 21.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,996 shares of the company’s stock after purchasing an additional 5,861 shares during the quarter. Mirova’s holdings in Wolfspeed were worth $2,143,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of WOLF. Forum Financial Management LP acquired a new stake in shares of Wolfspeed during the 1st quarter worth about $200,000. Cubist Systematic Strategies LLC raised its position in shares of Wolfspeed by 536.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 31,066 shares of the company’s stock valued at $1,971,000 after acquiring an additional 26,187 shares during the period. Macquarie Group Ltd. raised its position in shares of Wolfspeed by 12.5% in the 2nd quarter. Macquarie Group Ltd. now owns 55,966 shares of the company’s stock valued at $3,551,000 after acquiring an additional 6,201 shares during the period. Centiva Capital LP acquired a new stake in shares of Wolfspeed in the 2nd quarter valued at approximately $304,000. Finally, Captrust Financial Advisors raised its holdings in Wolfspeed by 20.2% during the 2nd quarter. Captrust Financial Advisors now owns 7,011 shares of the company’s stock worth $445,000 after buying an additional 1,180 shares during the period.

Analyst Ratings Changes

A number of analysts have recently issued reports on WOLF shares. Bank of America lowered their price objective on shares of Wolfspeed from $56.00 to $49.00 and set an “underperform” rating on the stock in a report on Thursday, August 17th. TD Cowen dropped their price target on Wolfspeed from $72.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, August 17th. Citigroup lowered their target price on Wolfspeed from $60.00 to $48.00 in a research note on Friday, May 19th. Jefferies Financial Group started coverage on Wolfspeed in a research note on Thursday, May 18th. They set a “hold” rating and a $46.00 target price for the company. Finally, Wells Fargo & Company reduced their price target on Wolfspeed from $80.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and a consensus target price of $71.00.

Wolfspeed Stock Down 2.5 %

Shares of NYSE:WOLF opened at $41.99 on Friday. The company has a quick ratio of 5.22, a current ratio of 5.74 and a debt-to-equity ratio of 2.58. Wolfspeed, Inc. has a 1 year low of $39.02 and a 1 year high of $125.48. The stock’s fifty day moving average price is $55.86 and its 200-day moving average price is $54.68.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, August 16th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.22). The business had revenue of $235.80 million for the quarter, compared to the consensus estimate of $224.53 million. Wolfspeed had a negative net margin of 35.78% and a negative return on equity of 9.18%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.12) earnings per share. As a group, research analysts anticipate that Wolfspeed, Inc. will post -3.17 earnings per share for the current year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Duy Loan T. Le bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was purchased at an average price of $47.01 per share, for a total transaction of $235,050.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $470,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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.