Bryce Point Capital LLC Acquires Shares of 150,650 Wolfspeed, Inc. (NYSE:WOLF)

Bryce Point Capital LLC bought a new position in Wolfspeed, Inc. (NYSE:WOLF) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 150,650 shares of the company’s stock, valued at approximately $1,003,000.

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Bank of America dropped 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. StockNews.com upgraded Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Canaccord Genuity Group decreased their target price on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group dropped their price target on Wolfspeed from $15.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Piper Sandler cut their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. 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, the company has a consensus rating of “Hold” and an average price target of $14.36.

Wolfspeed Price Performance

WOLF stock opened at $2.81 on Thursday. The firm has a 50 day moving average of $5.62 and a 200-day moving average of $8.01. The firm has a market capitalization of $358.87 million, a P/E ratio of -0.37 and a beta of 1.50. Wolfspeed, Inc. has a 12 month low of $2.41 and a 12 month high of $30.86. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results 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%. As a group, sell-side analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

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.