Yong Rong HK Asset Management Ltd Buys Shares of 308,000 Wolfspeed, Inc. (NYSE:WOLF)

Yong Rong HK Asset Management Ltd bought a new position in Wolfspeed, Inc. (NYSE:WOLF) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 308,000 shares of the company’s stock, valued at approximately $2,988,000. Wolfspeed comprises 0.9% of Yong Rong HK Asset Management Ltd’s portfolio, making the stock its 17th biggest holding.

A number of other hedge funds also recently made changes to their positions in the stock. Mather Group LLC. grew its holdings in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Eastern Bank bought a new position in shares of Wolfspeed during the third quarter valued at $27,000. GAMMA Investing LLC raised its stake in shares of Wolfspeed by 416.4% during the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares during the last quarter. Signaturefd LLC raised its position in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after buying an additional 691 shares during the period.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $13.35 on Friday. The company has a market capitalization of $1.69 billion, a PE ratio of -1.92 and a beta of 1.52. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The stock’s 50 day moving average price is $10.89 and its 200-day moving average price is $18.50. Wolfspeed, Inc. has a twelve month low of $7.28 and a twelve month high of $47.43.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The company had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. On average, equities analysts anticipate that Wolfspeed, Inc. will post -4.07 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on WOLF shares. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Susquehanna cut their price target on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. TD Cowen dropped their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Bank of America reduced their price objective on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Finally, Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average price target of $22.43.

Wolfspeed 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.