Prosperity Wealth Management Inc. Acquires Shares of 19,864 Wolfspeed, Inc. (NYSE:WOLF)

Prosperity Wealth Management Inc. acquired a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 19,864 shares of the company’s stock, valued at approximately $132,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Independent Advisor Alliance bought a new position in shares of Wolfspeed during the fourth quarter valued at $67,000. Raymond James Financial Inc. bought a new position in shares of Wolfspeed during the fourth quarter valued at $109,000. M&T Bank Corp lifted its holdings in shares of Wolfspeed by 36.5% during the fourth quarter. M&T Bank Corp now owns 87,683 shares of the company’s stock valued at $584,000 after acquiring an additional 23,461 shares during the period. Keybank National Association OH lifted its holdings in shares of Wolfspeed by 29.0% during the fourth quarter. Keybank National Association OH now owns 28,399 shares of the company’s stock valued at $189,000 after acquiring an additional 6,389 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Wolfspeed by 38.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock valued at $8,040,000 after acquiring an additional 335,966 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WOLF. StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th. Mizuho cut their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday, November 19th. Bank of America cut their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. The Goldman Sachs Group cut their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Finally, Piper Sandler cut their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Three equities research analysts have 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.com, the company has an average rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Price Performance

Shares of WOLF stock opened at $5.26 on Thursday. The stock has a 50-day moving average price of $5.98 and a 200 day moving average price of $8.47. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The firm has a market cap of $671.13 million, a price-to-earnings ratio of -0.68 and a beta of 1.50. Wolfspeed, Inc. has a 12 month low of $4.66 and a 12 month high of $30.86.

Wolfspeed (NYSE:WOLF) last posted 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 return on equity of 70.84% and a negative net margin of 125.96%. Research analysts expect that Wolfspeed, Inc. will post -4 EPS for the current 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.