The Vanguard Group, Inc. recently announced the acquisition of new stake in Wolfspeed Inc (NYSE:WOLF). The institutional investor has increased its shareholding in the Technology company by 1.57% to 12.31 million shares with purchase of 0.19 million shares. This fresh investment now brings its stake to 9.82% valued currently at $535.55 million. In addition, BlackRock Fund Advisors raised its holdings by 47114.0 to 11.38 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.66% or 0.12 million shares – to 4.81 million shares.
Currently, there are 124.79M common shares owned by the public and among those 123.82M shares have been available to trade.
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Insiders at the company have transacted a total of 29 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 220,577 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 65,113 shares.
The top 3 mutual fund holders in Wolfspeed Inc are American Funds Growth Fund of Ame, American Funds Fundamental Invest, and American Funds Small Cap World Fu. American Funds Growth Fund of Ame owns 8.81 million shares of the company’s stock, all valued at over $383.27 million. American Funds Small Cap World Fu now owns shares totaling to 3.25% of the shares outstanding.
However, the script later moved the day high at 37.29, up 5.54%. The company’s stock has a 5-day price change of 11.79% and 14.77% over the past three months. WOLF shares are trading -15.90% year to date (YTD), with the 12-month market performance down to -54.22% lower. It has a 12-month low price of $27.35 and touched a high of $87.93 over the same period. WOLF has an average intraday trading volume of 3.93 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.82%, -4.12%, and -19.89% respectively.
Institutional ownership of Wolfspeed Inc (NYSE: WOLF) shares accounts for 107.66% of the company’s 124.79M shares outstanding. Mutual fund holders own 34.75%, while other institutional holders and individual stakeholders account for 73.36% and 0.90% respectively.
It has a market capitalization of $4.59B and a beta (3y monthly) value of 1.72. The earnings-per-share (ttm) stands at -$5.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.33% over the week and 5.51% over the month.
Analysts forecast that Wolfspeed Inc (WOLF) will achieve an EPS of -$0.66 for the current quarter, -$0.63 for the next quarter and -$1.41 for 2025. The lowest estimate earnings-per-share for the quarter is -$1.02 while analysts give the company a high EPS estimate of -$0.57. Comparatively, EPS for the current quarter was -$0.11 a year ago. Earnings per share for the fiscal year are expected to decrease by -244.15%, and 41.42% over the next financial year.
Looking at the support for the WOLF, a number of firms have released research notes about the stock. Jefferies stated their Hold rating for the stock in a research note on May 18, 2023, with the firm’s price target at $46.
