Wolfspeed, Inc. $WOLF Stock: Penn Capital Management Company LLC Raises Holdings

Penn Capital Management Company LLC grew its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 12.4% during the third quarter, Holdings Channel.com reports. The firm owned 577,475 shares of the company’s stock after buying an additional 63,500 shares during the quarter. Penn Capital Management Company LLC’s holdings in Wolfspeed were worth $16,270,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of WOLF. CenterBook Partners LP bought a new stake in shares of Wolfspeed during the 3rd quarter worth about $2,990,000. Prescott Group Capital Management L.L.C. bought a new position in shares of Wolfspeed in the third quarter valued at approximately $3,094,000. Brooklands Fund Management Ltd bought a new position in shares of Wolfspeed in the third quarter valued at approximately $25,376,000. Apollon Wealth Management LLC bought a new position in shares of Wolfspeed in the third quarter valued at approximately $246,000. Finally, Steinberganna Wealth Management acquired a new position in shares of Wolfspeed during the third quarter valued at approximately $348,000.

Analyst Upgrades and Downgrades

WOLF has been the subject of a number of research analyst reports. TD Cowen cut their target price on Wolfspeed from $25.00 to $23.00 and set a “hold” rating for the company in a research report on Thursday, November 5th. Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Friday, September 25th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings downgraded Wolfspeed from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, October 23rd. Finally, Susquehanna dropped their price objective on Wolfspeed from $30.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $22.67.

Wolfspeed Price Performance

WOLF stock opened at $26.18 on Tuesday. Wolfspeed, Inc. has a 52-week low of $13.48 and a 52-week high of $80.82. The company’s 50 day simple moving average is $26.29 and its 200-day simple moving average is $30.22. The firm has a market capitalization of $1.39 billion, a P/E ratio of -1.84 and a beta of 8.67.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, November 4th. The company reported ($2.03) EPS for the quarter, missing analysts’ consensus estimates of ($1.99) by ($0.04). The company had revenue of $155.00 million for the quarter, compared to analysts’ expectations of $149.86 million. During the same period last year, the company earned ($0.55) earnings per share. The business’s revenue for the quarter was down 21.2% on a year-over-year basis. Sell-side analysts predict that Wolfspeed, Inc. will post -8.27 EPS for the current fiscal year.

Wolfspeed Profile