Bayesian Capital Management LP increased its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF – Get Rating) by 25.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,400 shares of the company’s stock after acquiring an additional 3,300 shares during the period. Bayesian Capital Management LP’s holdings in Wolfspeed were worth $1,695,000 as of its most recent SEC filing.
Wolfspeed Stock is a Key EV Chip Play
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Belpointe Asset Management LLC acquired a new stake in Wolfspeed in the third quarter valued at $145,000. Birchcreek Wealth Management LLC acquired a new stake in Wolfspeed in the third quarter valued at $207,000. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Wolfspeed in the third quarter valued at $14,470,000. Capital International Ltd. CA grew its holdings in Wolfspeed by 4.2% in the third quarter. Capital International Ltd. CA now owns 80,210 shares of the company’s stock valued at $8,291,000 after purchasing an additional 3,234 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in Wolfspeed by 7.7% in the third quarter. Commonwealth Equity Services LLC now owns 21,705 shares of the company’s stock valued at $2,243,000 after purchasing an additional 1,557 shares during the last quarter.
Wolfspeed Stock Up 0.6 %
Shares of WOLF stock traded up $0.40 during trading hours on Tuesday, reaching $72.90. The company had a trading volume of 129,767 shares, compared to its average volume of 2,199,244. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.97 and a current ratio of 4.61. Wolfspeed, Inc. has a twelve month low of $58.07 and a twelve month high of $125.48. The company has a market capitalization of $9.07 billion, a P/E ratio of -59.43 and a beta of 1.51. The stock’s fifty day simple moving average is $76.55 and its 200 day simple moving average is $90.99.
Wolfspeed (NYSE:WOLF – Get Rating) last posted its earnings results on Wednesday, January 25th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Wolfspeed had a negative return on equity of 4.40% and a negative net margin of 18.90%. The business had revenue of $216.10 million during the quarter, compared to analyst estimates of $225.62 million. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -0.94 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several research firms have weighed in on WOLF. Susquehanna lowered their target price on Wolfspeed from $90.00 to $88.00 and set a “neutral” rating on the stock in a report on Thursday, January 26th. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $90.00 to $80.00 in a research report on Wednesday, January 11th. Susquehanna Bancshares assumed coverage on Wolfspeed in a research report on Monday, December 12th. They issued a “neutral” rating and a $90.00 price objective on the stock. Evercore ISI reduced their price objective on Wolfspeed to $115.00 in a research report on Tuesday, November 15th. Finally, Oppenheimer reduced their target price on Wolfspeed from $118.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday, January 26th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.94.
About Wolfspeed
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.