Geode Capital Management LLC Sells 22,055 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Geode Capital Management LLC cut its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 1.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,990,130 shares of the company’s stock after selling 22,055 shares during the quarter. Geode Capital Management LLC owned about 1.56% of Wolfspeed worth $13,259,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after purchasing an additional 1,949 shares during the last quarter. KBC Group NV lifted its stake in shares of Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after buying an additional 2,629 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after buying an additional 2,912 shares during the period. GAMMA Investing LLC grew its stake in Wolfspeed by 66.6% in the 4th quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock valued at $50,000 after buying an additional 3,025 shares during the last quarter. Finally, New York State Teachers Retirement System raised its holdings in Wolfspeed by 2.4% in the 4th quarter. New York State Teachers Retirement System now owns 148,784 shares of the company’s stock worth $991,000 after acquiring an additional 3,500 shares during the period.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WOLF. Canaccord Genuity Group lowered their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. The Goldman Sachs Group cut their price target on Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Piper Sandler dropped their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Bank of America reduced their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. Finally, Susquehanna cut their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $13.15.

Wolfspeed Stock Down 0.8 %

Shares of WOLF opened at $2.45 on Tuesday. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The company has a 50-day moving average price of $4.59 and a two-hundred day moving average price of $7.34. The stock has a market cap of $312.90 million, a price-to-earnings ratio of -0.32 and a beta of 1.69. Wolfspeed, Inc. has a 12 month low of $2.06 and a 12 month high of $30.86.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities analysts predict that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Wolfspeed Company 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.