The Vanguard Group, Inc. has recently announced that it has increased stake in Wolfspeed Inc (NYSE:WOLF) by 1.57%. After grabbing 12.31 million shares, the institutional investor is now in possession of 0.19 million shares of the Technology Company. The new investment brought the stake of investor firm to 9.82% having worth around $453.7 million. Moreover, BlackRock Fund Advisors increased its share by 47114.0 to have a control over 11.38 million shares. And SSgA Funds Management, Inc. raised its holdings to 0.12 million shares by acquiring 4.81 million shares or 3.84% of the stake.
Wolfspeed Inc (WOLF) concluded trading on 01/10/24 at a closing price of $36.19, with 6.01 million shares of worth about $217.44 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -44.54% during that period and on Wednesday the price saw a loss of about -9.59%. Currently the company’s common shares owned by public are about 124.79M shares, out of which, 123.92M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 29 times over the past 12 months. They bought 223,208 shares in 22 of the transactions. In 7 selling transactions, insiders dumped 62,113 shares.
American Funds Growth Fund of Ame, American Funds Fundamental Invest, and American Funds Small Cap World Fu are the top 3 mutual funds which are holding stakes in Wolfspeed Inc American Funds Growth Fund of Ame is currently holding 8.81 million shares of worth totaling $324.69 million. The company recently came selling 29513.0 shares which brought its stake up to 7.03% of the company’s outstanding shares. American Funds Fundamental Invest sold 3606.0 shares, after which its hold over company’s outstanding shares shrunk to 4.67%, leaving 5.85 million shares with the mutual fund that have a worth of about $215.78 million. American Funds Small Cap World Fu, after buying 4.07 million shares, have now control over 3.25% of the stake in the company. It holds 0.0 shares of worth $150.07 million.
Wolfspeed Inc (NYSE: WOLF) started trading at $39.68, below -$0.35 from concluding price of the previous day. However, the stock later moved at a day high price of 39.69, or with a loss of -9.59%. Stock saw a price change of -10.77% in past 5 days and over the past one month there was a price change of -8.80%. Year-to-date (YTD), WOLF shares are showing a performance of -16.82% which decreased to -50.27% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $27.35 but also hit the highest price of $87.93 during that period. The average intraday trading volume for Wolfspeed Inc shares is 3.78 million. The stock is currently trading -15.12% below its 20-day simple moving average (SMA20), while that difference is down -4.77% for SMA50 and it goes to -22.71% lower than SMA200.
The Vanguard Group, Inc. acquired 12.31 million shares of Wolfspeed Inc having value of about $453.7 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.19 million shares in the company valued at close to $6889852.2, or have control over 1.57% stake in the company. Wolfspeed Inc (NYSE: WOLF) currently have 124.79M outstanding shares and institutions hold larger chunk of about 107.93% of that. Holding of mutual funds in the company is about 35.41% while other institutional holders and individual stake holders have control over 72.86% and 0.90% of the stake respectively.
The stock has a current market capitalization of $4.54B and its 3Y-monthly beta is at 1.74. It has posted earnings per share of -$5.60 in the same period. It has Quick Ratio of 4.98 while making debt-to-equity ratio of 4.25. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for WOLF, volatility over the week remained 6.74% while standing at 5.61% over the month.
Analysts are in expectations that Wolfspeed Inc (WOLF) stock would likely to be making an EPS of -$0.65 in the current quarter, while forecast for next quarter EPS is -$0.63 and it is -$1.44 for next year. For the current quarter EPS, analysts have given the company a lowest target -$1.02 which is -$0.57 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.11 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -244.07% while it is estimated to increase by 40.46% in next year.
Analysts at 22 brokerage firms have issued recommendations for the Wolfspeed Inc (WOLF)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.14. Out of those 22 Wall Street analysts, 11 recommended a “Buy” rating, while 9 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Jefferies on May 18, 2023 offering a Hold rating for the stock and assigned a target price of $46 to it.
