Dimensional Fund Advisors LP Has $3.68 Million Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

Dimensional Fund Advisors LP increased its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 16.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 552,953 shares of the company’s stock after buying an additional 78,638 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Wolfspeed were worth $3,683,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Erste Asset Management GmbH increased its holdings in Wolfspeed by 77.4% during the 4th quarter. Erste Asset Management GmbH now owns 793,518 shares of the company’s stock worth $5,773,000 after purchasing an additional 346,319 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Wolfspeed by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock worth $8,040,000 after purchasing an additional 335,966 shares in the last quarter. Vanguard Group Inc. increased its holdings in Wolfspeed by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock worth $106,056,000 after purchasing an additional 299,304 shares in the last quarter. Iridian Asset Management LLC CT increased its holdings in Wolfspeed by 56.6% during the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock worth $5,436,000 after purchasing an additional 295,025 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new stake in Wolfspeed during the 4th quarter worth approximately $1,669,000.

Insider Activity at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the company’s stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $3.99, for a total value of $55,496.91. Following the transaction, the chief financial officer now owns 195,257 shares in the company, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.84% of the stock is owned by company insiders.

Wolfspeed Stock Performance

WOLF stock opened at $3.85 on Wednesday. The firm has a market cap of $491.70 million, a PE ratio of -0.50 and a beta of 1.62. 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 business has a 50 day moving average of $3.81 and a 200-day moving average of $6.31. Wolfspeed, Inc. has a 12-month low of $2.06 and a 12-month high of $30.86.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, beating the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. The business had revenue of $185.40 million for the quarter, compared to the consensus estimate of $190.03 million. During the same quarter in the prior year, the business earned ($0.62) earnings per share. Wolfspeed’s revenue for the quarter was down 7.6% on a year-over-year basis. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Citigroup reissued a “sell” rating and set a $3.00 price objective (down from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Piper Sandler decreased their price objective on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Canaccord Genuity Group decreased their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Bank of America decreased their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Wolfspeed in a report on Friday, May 9th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.15.

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.