Primecap Management Co. CA Has $137.59 Million Position in Wolfspeed, Inc. (NYSE:WOLF)

Primecap Management Co. CA increased its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 15.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,045,310 shares of the company’s stock after purchasing an additional 800,540 shares during the period. Primecap Management Co. CA owned approximately 4.80% of Wolfspeed worth $137,591,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Lazard Asset Management LLC lifted its stake in Wolfspeed by 292,375.0% in the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after buying an additional 70,170 shares in the last quarter. Vanguard Group Inc. lifted its position in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares in the last quarter. Boston Partners acquired a new position in Wolfspeed in the 1st quarter worth $1,621,000. Artisan Partners Limited Partnership increased its holdings in Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after purchasing an additional 352,609 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Wolfspeed in the 1st quarter valued at about $245,000.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WOLF. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Susquehanna decreased their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Finally, Piper Sandler cut their price target on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 22nd. One equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $24.53.

Wolfspeed Price Performance

NYSE:WOLF opened at $8.60 on Wednesday. Wolfspeed, Inc. has a 12-month low of $7.28 and a 12-month high of $47.43. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -1.33 and a beta of 1.52. The stock’s 50 day moving average price is $14.93 and its two-hundred day moving average price 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 (NYSE:WOLF) last posted 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 net margin of 107.93% and a negative return on equity of 37.76%. The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.11 million. On average, analysts anticipate that Wolfspeed, Inc. will post -3.84 earnings per share for the current 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.