Bright Futures Wealth Management LLC. Takes Position in Wolfspeed, Inc. (NYSE:WOLF)

Bright Futures Wealth Management LLC. acquired a new position in Wolfspeed, Inc. (NYSE:WOLF) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,100 shares of the company’s stock, valued at approximately $81,000.

Other large investors have also recently bought and sold shares of the company. Eastern Bank bought a new stake in Wolfspeed in the third quarter worth $27,000. R Squared Ltd bought a new stake in Wolfspeed in the fourth quarter worth $28,000. KBC Group NV boosted its holdings in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock worth $44,000 after purchasing an additional 3,664 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in Wolfspeed in the fourth quarter worth $52,000.

Wolfspeed Stock Up 14.1 %

Shares of WOLF opened at $5.87 on Friday. The company has a 50-day simple moving average of $6.70 and a 200-day simple moving average of $9.60. The firm has a market capitalization of $749.02 million, a P/E ratio of -0.76 and a beta of 1.43. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. Wolfspeed, Inc. has a 52 week low of $4.66 and a 52 week high of $30.86.

Wolfspeed (NYSE:WOLF) last announced 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 net margin of 125.96% and a negative return on equity of 70.84%. On average, equities research analysts expect that Wolfspeed, Inc. will post -4.15 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WOLF. Susquehanna decreased their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Mizuho cut their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Roth Mkm cut their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. cut their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, Wolfspeed presently has a consensus rating of “Hold” and an average price target of $14.86.

Insider Buying and Selling

In other Wolfspeed news, Chairman Thomas H. Werner purchased 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at approximately $708,824.97. This trade represents a 52.78 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glenda Dorchak purchased 3,592 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the transaction, the director now directly owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This represents a 23.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 78,067 shares of company stock valued at $524,747 over the last quarter. Corporate insiders own 0.84% of the company’s stock.

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.