Polymer Capital Management HK LTD Makes New $366,000 Investment in Wolfspeed, Inc. (NYSE:WOLF)

Polymer Capital Management HK LTD purchased a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 55,000 shares of the company’s stock, valued at approximately $366,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP lifted its position in Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after purchasing an additional 1,949 shares during the period. KBC Group NV lifted its holdings in shares of Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after buying an additional 2,629 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after buying an additional 2,912 shares in the last quarter. GAMMA Investing LLC grew its holdings in Wolfspeed by 66.6% during the fourth quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock worth $50,000 after acquiring an additional 3,025 shares during the period. Finally, New York State Teachers Retirement System raised its position in Wolfspeed by 2.4% in the fourth quarter. New York State Teachers Retirement System now owns 148,784 shares of the company’s stock worth $991,000 after acquiring an additional 3,500 shares in the last quarter.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $2.58 on Monday. 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 one year low of $2.37 and a one year high of $30.86. The business’s 50-day moving average price is $5.47 and its two-hundred day moving average price is $7.92. The company has a market capitalization of $328.86 million, a P/E ratio of -0.34 and a beta of 1.69.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. Analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Bank of America cut their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research note on Thursday, January 30th. Susquehanna cut their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Canaccord Genuity Group cut their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group decreased their price target on Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average target price of $13.15.

About Wolfspeed

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.