Sugar Maple Asset Management LLC Makes New Investment in Wolfspeed, Inc. (NYSE:WOLF)

Sugar Maple Asset Management LLC bought a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) during the third quarter, Holdings Channel.com reports. The fund bought 21,720 shares of the company’s stock, valued at approximately $211,000.

A number of other institutional investors have also recently modified their holdings of WOLF. Vanguard Group Inc. boosted its position in Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after buying an additional 800,540 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Wolfspeed by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares in the last quarter. Samlyn Capital LLC grew its stake in Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after acquiring an additional 343,277 shares during the period. Finally, Janus Henderson Group PLC grew its stake in Wolfspeed by 2.0% in the 1st quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after acquiring an additional 14,007 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on WOLF shares. Canaccord Genuity Group decreased their price objective on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Bank of America decreased their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a report on Friday, August 23rd. Morgan Stanley boosted their target price on Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. TD Cowen dropped their price objective on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Finally, New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.36.

Wolfspeed Price Performance

WOLF opened at $6.70 on Friday. The business has a fifty day moving average price of $10.81 and a 200 day moving average price of $17.40. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed, Inc. has a 12 month low of $6.69 and a 12 month high of $47.43.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. As a group, sell-side analysts anticipate that Wolfspeed, Inc. will post -4.13 earnings per share for the current fiscal year.

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.