10,025 Shares in Wolfspeed, Inc. (NYSE:WOLF) Acquired by Independent Advisor Alliance

Independent Advisor Alliance bought a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,025 shares of the company’s stock, valued at approximately $67,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of WOLF. Principal Financial Group Inc. raised its holdings in Wolfspeed by 41.4% during the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after acquiring an additional 173,409 shares during the period. Thrivent Financial for Lutherans raised its holdings in Wolfspeed by 225.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock valued at $959,000 after acquiring an additional 68,423 shares during the period. Quest Partners LLC raised its holdings in Wolfspeed by 315.2% during the 3rd quarter. Quest Partners LLC now owns 37,899 shares of the company’s stock valued at $368,000 after acquiring an additional 28,772 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after acquiring an additional 766,971 shares during the period. Finally, Intech Investment Management LLC raised its holdings in Wolfspeed by 13.8% during the 3rd quarter. Intech Investment Management LLC now owns 55,700 shares of the company’s stock valued at $540,000 after acquiring an additional 6,757 shares during the period.

Wolfspeed Stock Down 3.5 %

Shares of WOLF opened at $5.73 on Friday. The firm has a market cap of $731.16 million, a P/E ratio of -0.75 and a beta of 1.50. The stock has a 50 day simple moving average of $5.86 and a two-hundred day simple moving average of $8.26. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. Wolfspeed, Inc. has a 1 year low of $4.66 and a 1 year high of $30.86.

Wolfspeed (NYSE:WOLF) last posted its quarterly 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%. On average, analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Bank of America lowered their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Susquehanna lowered their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Finally, StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Three 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’s stock. According to data from MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and a consensus price target of $14.86.

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.