Sugar Maple Asset Management LLC Takes Position in Wolfspeed, Inc. (NYSE:WOLF)

Sugar Maple Asset Management LLC acquired a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,720 shares of the company’s stock, valued at approximately $211,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its stake in shares of Wolfspeed by 15.9% during the 1st quarter. SG Americas Securities LLC now owns 12,555 shares of the company’s stock valued at $370,000 after purchasing an additional 1,721 shares during the period. ProShare Advisors LLC raised its position in shares of Wolfspeed by 23.2% during the first quarter. ProShare Advisors LLC now owns 21,402 shares of the company’s stock valued at $631,000 after buying an additional 4,027 shares during the last quarter. Vanguard Group Inc. increased its holdings in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares during the last quarter. Seven Eight Capital LP increased its holdings in shares of Wolfspeed by 0.5% in the first quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock worth $3,716,000 after purchasing an additional 675 shares during the last quarter. Finally, Aequim Alternative Investments LP increased its stake in Wolfspeed by 14.7% in the 1st quarter. Aequim Alternative Investments LP now owns 163,800 shares of the company’s stock worth $4,832,000 after acquiring an additional 21,000 shares during the last quarter.

Analyst Upgrades and Downgrades

WOLF has been the topic of several recent research reports. The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Bank of America dropped their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft cut their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Finally, Roth Mkm dropped their target price on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average target price of $17.36.

Wolfspeed Price Performance

NYSE:WOLF opened at $6.70 on Friday. The firm’s fifty day moving average is $10.81 and its two-hundred day moving average is $17.40. Wolfspeed, Inc. has a one year low of $6.69 and a one year high of $47.43. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Wolfspeed (NYSE:WOLF) last issued its earnings results 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 during the quarter, compared to analysts’ expectations 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, equities analysts forecast that Wolfspeed, Inc. will post -4.13 EPS 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.