Prescott Group Capital Management L.L.C. Buys 110,000 Shares of Wolfspeed, Inc. $WOLF

Prescott Group Capital Management L.L.C. bought a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 110,000 shares of the company’s stock, valued at approximately $3,094,000.

Other hedge funds have also recently made changes to their positions in the company. Brooklands Fund Management Ltd bought a new stake in Wolfspeed during the 3rd quarter valued at about $25,376,000. Apollon Wealth Management LLC purchased a new position in shares of Wolfspeed during the third quarter worth approximately $246,000. Steinberganna Wealth Management bought a new stake in shares of Wolfspeed during the third quarter valued at approximately $348,000. SBI Securities Co. Ltd. raised its stake in shares of Wolfspeed by 96.8% during the third quarter. SBI Securities Co. Ltd. now owns 1,429 shares of the company’s stock valued at $40,000 after acquiring an additional 703 shares in the last quarter. Finally, Capstone Capital Management Ltd raised its stake in shares of Wolfspeed by 35.6% during the third quarter. Capstone Capital Management Ltd now owns 71,275 shares of the company’s stock valued at $2,005,000 after acquiring an additional 18,721 shares in the last quarter.

Wolfspeed Stock Up 7.2%

Wolfspeed stock opened at $22.34 on Wednesday. The business has a fifty day moving average of $26.53 and a two-hundred day moving average of $30.16. The firm has a market cap of $1.18 billion, a P/E ratio of -1.42 and a beta of 8.67. Wolfspeed, Inc. has a twelve month low of $13.48 and a twelve month high of $80.82.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.45) by $0.19. The company had revenue of $149.60 million for the quarter, compared to the consensus estimate of $150.00 million. During the same period last year, the business posted ($0.77) EPS. The firm’s revenue was down 24.1% compared to the same quarter last year. Equities analysts expect that Wolfspeed, Inc. will post -8.27 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on WOLF shares. Zacks Research upgraded Wolfspeed to a “hold” rating in a report on Friday, September 25th. Weiss Ratings lowered Wolfspeed from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, October 23rd. Wall Street Zen downgraded Wolfspeed from a “sell” rating to a “strong sell” rating in a report on Saturday, September 19th. Susquehanna decreased their price objective on Wolfspeed from $30.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, October 21st. Finally, TD Cowen began coverage on shares of Wolfspeed in a research note on Thursday, August 20th. They issued a “hold” rating and a $25.00 price objective for the company. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $23.33.

Wolfspeed Profile

Wolfspeed, Inc is a semiconductor company focused on silicon carbide (SiC) technologies. Its products are designed to support the conversion and management of electrical power in applications that require high efficiency, high voltage, and operation at elevated temperatures.

The company develops and manufactures SiC power devices, including metal-oxide-semiconductor field-effect transistors, diodes, power modules, and related components. It also produces SiC materials such as wafers and epitaxial substrates used by semiconductor manufacturers.