Capital Research & Management Co has recently announced that it has increased stake in Wolfspeed Inc. (NYSE:WOLF) by 1.18%. After grabbing 12.03 million shares, the institutional investor is now in possession of 0.14 million shares of the Technology Company. The new investment brought the stake of investor firm to 9.68% having worth around $947.24 million. Moreover, BlackRock Fund Advisors increased its share by 48826.0 to have a control over 10.47 million shares. And SSgA Funds Management, Inc. raised its holdings to 47708.0 shares by acquiring 3.54 million shares or 2.85% of the stake.
Wolfspeed Inc. (WOLF) concluded trading on 11/16/22 at a closing price of $88.06, with 5.89 million shares of worth about $518.75 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 22.58% during that period and on Wednesday the price saw a loss of about -6.13%. Currently the company’s common shares owned by public are about 124.03M shares, out of which, 123.33M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 19 analysts are covering the WOLF stock and their offered price forecasts bring an average price target of $104.35. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $135.00 and could fall to a lowest price of $65.00. The stock’s current price level is 14.53% above of average price target set by the analysts, while a rise to estimated low would result in loss of -35.48% for the stock. However, touching the estimated high of $135.00 would mean a gain of 34.77% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 35 times over the past 12 months. They bought 120,407 shares in 25 of the transactions. In 10 selling transactions, insiders dumped 53,904 shares.
American Funds Growth Fund of Ame, American Funds New World Fund, 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 5.31 million shares of worth totaling $418.43 million. The company recently came selling 20136.0 shares which brought its stake up to 4.28% of the company’s outstanding shares. American Funds New World Fund sold -0.24 million shares, after which its hold over company’s outstanding shares shrunk to 3.76%, leaving 4.68 million shares with the mutual fund that have a worth of about $368.19 million. American Funds Small Cap World Fu, after selling 4.08 million shares, have now control over 3.29% of the stake in the company. It holds -0.3 million shares of worth $321.5 million.
Wolfspeed Inc. (NYSE: WOLF) started trading at $89.00, below -$4.81 from concluding price of the previous day. However, the stock later moved at a day high price of 93.00, or with a loss of -6.13%. Stock saw a price change of 12.72% in past 5 days and over the past one month there was a price change of -15.80%. Year-to-date (YTD), WOLF shares are showing a performance of -21.21% which decreased to -37.93% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $58.07 but also hit the highest price of $141.97 during that period. The average intraday trading volume for Wolfspeed Inc. shares is 3.02 million. The stock is currently trading -0.48% below its 20-day simple moving average (SMA20), while that difference is down -13.77% for SMA50 and it goes to -5.03% lower than SMA200.
Capital Research & Management Co acquired 12.03 million shares of Wolfspeed Inc. having value of about $947.24 million. Data submitted at the U.S SEC by Capital Research & Management Co revealed that the firm now holds 0.14 million shares in the company valued at close to $12366089.68, or have control over 1.18% stake in the company. Holding of mutual funds in the company is about 34.73% while other institutional holders and individual stake holders have control over 71.74% and 0.78% of the stake respectively.
The stock has a current market capitalization of $10.53B and its 3Y-monthly beta is at 1.38. It has posted earnings per share of -$2.07 in the same period. It has Quick Ratio of 4.00 while making debt-to-equity ratio of 0.62. 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 5.97% while standing at 7.30% over the month.
Analysts are in expectations that Wolfspeed Inc. (WOLF) stock would likely to be making an EPS of $0 in the current quarter, while forecast for next quarter EPS is $0.07 and it is $1.48 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.09 which is $0.08 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 -$0.16 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 19.10% while it is estimated to increase by 722.20% in next year.
Analysts at 19 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 2.10. Out of those 19 Wall Street analysts, 15 recommended a “Buy” rating, while 3 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 JP Morgan on October 24, 2022 offering an Overweight rating for the stock and assigned a target price range of between $130 and $160 to it. On September 21, 2022, Canaccord Genuity Resumed their recommendations, while on September 13, 2022, Evercore ISI Initiated their ratings for the stock with a price target of $155. Stock get an Outperform rating from Cowen on August 18, 2022.