Eastern Bank Buys Shares of 2,820 Wolfspeed, Inc. (NYSE:WOLF)

Eastern Bank bought a new stake in Wolfspeed, Inc. (NYSE:WOLFFree Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,820 shares of the company’s stock, valued at approximately $27,000.

A number of other hedge funds also recently added to or reduced their stakes in WOLF. Sunbelt Securities Inc. increased its stake in shares of Wolfspeed by 34.7% during the 1st quarter. Sunbelt Securities Inc. now owns 2,724 shares of the company’s stock worth $80,000 after purchasing an additional 702 shares in the last quarter. State of Michigan Retirement System increased its stake in shares of Wolfspeed by 3.0% during the 1st quarter. State of Michigan Retirement System now owns 30,922 shares of the company’s stock worth $912,000 after purchasing an additional 900 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Wolfspeed by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 473,571 shares of the company’s stock worth $13,970,000 after purchasing an additional 13,537 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Wolfspeed by 6.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 35,534 shares of the company’s stock worth $1,048,000 after purchasing an additional 2,116 shares in the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Wolfspeed by 0.4% during the 1st quarter. Retirement Systems of Alabama now owns 238,375 shares of the company’s stock worth $7,032,000 after purchasing an additional 1,011 shares in the last quarter.

Wolfspeed Stock Performance

NYSE:WOLF opened at $14.86 on Friday. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of -2.30 and a beta of 1.52. The firm’s fifty day simple moving average is $10.76 and its 200 day simple moving average is $18.87. Wolfspeed, Inc. has a twelve month low of $7.28 and a twelve month high of $47.43.

Wolfspeed (NYSE:WOLFGet Free Report) last posted its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. As a group, equities research analysts expect that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on WOLF shares. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. The Goldman Sachs Group lowered their target price on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Bank of America lowered their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research note on Friday, August 23rd. Susquehanna lowered their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Finally, Mizuho cut shares of Wolfspeed from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $17.00 to $8.00 in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $22.43.

Check Out Our Latest Research Report on WOLF

About Wolfspeed

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding WOLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wolfspeed, Inc. (NYSE:WOLFFree Report).

Institutional Ownership by Quarter for Wolfspeed (NYSE:WOLF)

Receive News & Ratings for Wolfspeed Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wolfspeed and related companies with MarketBeat.com's FREE daily email newsletter.