Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. lowered its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 96.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,987 shares of the company’s stock after selling 56,658 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Wolfspeed were worth $90,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Wolfspeed by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after buying an additional 188,236 shares during the period. Norges Bank acquired a new position in Wolfspeed in the 4th quarter worth approximately $223,238,000. Artisan Partners Limited Partnership increased its holdings in Wolfspeed by 7.3% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,273,472 shares of the company’s stock worth $86,619,000 after buying an additional 154,021 shares during the period. Geode Capital Management LLC increased its holdings in Wolfspeed by 3.9% in the 1st quarter. Geode Capital Management LLC now owns 1,758,439 shares of the company’s stock worth $114,047,000 after buying an additional 66,337 shares during the period. Finally, FengHe Fund Management Pte. Ltd. increased its holdings in Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after buying an additional 1,165,600 shares during the period.

Insider Buying and Selling at Wolfspeed

In related news, Director Darren R. Jackson purchased 10,000 shares of Wolfspeed stock in a transaction dated Friday, February 2nd. The shares were acquired at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the acquisition, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.62% of the stock is currently owned by insiders.

Wolfspeed Trading Down 5.8 %

Shares of NYSE:WOLF opened at $26.25 on Monday. Wolfspeed, Inc. has a 1 year low of $23.54 and a 1 year high of $70.42. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of -4.32 and a beta of 1.66. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. The business’s 50 day moving average price is $27.20 and its 200-day moving average price is $33.01.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The company had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. On average, equities research analysts forecast that Wolfspeed, Inc. will post -3.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

WOLF has been the topic of several research reports. JPMorgan Chase & Co. cut their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday. Piper Sandler dropped their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Susquehanna reaffirmed a “neutral” rating and set a $35.00 price objective on shares of Wolfspeed in a research note on Monday, April 8th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Finally, Mizuho began coverage on shares of Wolfspeed in a research note on Friday, April 5th. They set a “neutral” rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $43.63.

Wolfspeed Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.