Wolfspeed, Inc. (NYSE:WOLF) Holdings Trimmed by Hsbc Holdings PLC

Hsbc Holdings PLC lowered its position in shares of Wolfspeed, Inc. (NYSE:WOLF – Get Rating) by 90.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,442 shares of the company’s stock after selling 32,641 shares during the quarter. Hsbc Holdings PLC’s holdings in Wolfspeed were worth $360,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Forum Financial Management LP purchased a new stake in shares of Wolfspeed during the first quarter valued at $200,000. Essex Investment Management Co. LLC lifted its holdings in shares of Wolfspeed by 3.3% during the second quarter. Essex Investment Management Co. LLC now owns 51,858 shares of the company’s stock valued at $3,290,000 after purchasing an additional 1,648 shares during the last quarter. PFS Investments Inc. lifted its holdings in shares of Wolfspeed by 0.8% during the second quarter. PFS Investments Inc. now owns 62,343 shares of the company’s stock valued at $3,956,000 after purchasing an additional 504 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Wolfspeed by 536.7% during the second quarter. Cubist Systematic Strategies LLC now owns 31,066 shares of the company’s stock valued at $1,971,000 after purchasing an additional 26,187 shares during the last quarter. Finally, Point72 Hong Kong Ltd lifted its holdings in shares of Wolfspeed by 104.9% during the second quarter. Point72 Hong Kong Ltd now owns 50,029 shares of the company’s stock valued at $3,174,000 after purchasing an additional 25,608 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages recently issued reports on WOLF. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $90.00 to $80.00 in a research note on Wednesday, January 11th. Citigroup reduced their price objective on Wolfspeed from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, January 27th. Evercore ISI reduced their price objective on Wolfspeed to $115.00 in a research note on Tuesday, November 15th. Susquehanna reduced their price objective on Wolfspeed from $90.00 to $88.00 and set a “neutral” rating for the company in a research note on Thursday, January 26th. Finally, Morgan Stanley cut their price target on Wolfspeed from $88.00 to $80.00 in a research note on Thursday, January 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $100.94.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $70.11 on Wednesday. Wolfspeed, Inc. has a 1-year low of $58.07 and a 1-year high of $125.48. The firm has a market capitalization of $8.72 billion, a PE ratio of -57.47 and a beta of 1.55. The business’s 50 day moving average is $76.40 and its 200-day moving average is $89.16. The company has a current ratio of 4.61, a quick ratio of 3.97 and a debt-to-equity ratio of 0.62.

Wolfspeed (NYSE:WOLF – Get Rating) last announced its quarterly earnings data on Wednesday, January 25th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03. Wolfspeed had a negative return on equity of 4.40% and a negative net margin of 18.90%. The company had revenue of $216.10 million for the quarter, compared to analyst estimates of $225.62 million. Sell-side analysts predict that Wolfspeed, Inc. will post -0.94 earnings per share for the current year.

About Wolfspeed

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Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.