Everett Harris & Co. CA Lowers Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

Everett Harris & Co. CA cut its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 50.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,000 shares of the company’s stock after selling 5,000 shares during the quarter. Everett Harris & Co. CA’s holdings in Wolfspeed were worth $218,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after acquiring an additional 188,236 shares during the period. Norges Bank acquired a new stake in Wolfspeed in the fourth quarter valued at $223,238,000. Artisan Partners Limited Partnership lifted its holdings in Wolfspeed by 7.3% in the third quarter. Artisan Partners Limited Partnership now owns 2,273,472 shares of the company’s stock valued at $86,619,000 after acquiring an additional 154,021 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in Wolfspeed by 66.2% in the second quarter. Frontier Capital Management Co. LLC now owns 1,938,492 shares of the company’s stock valued at $107,761,000 after acquiring an additional 772,055 shares during the period. Finally, Thrivent Financial for Lutherans lifted its holdings in Wolfspeed by 49.0% in the second quarter. Thrivent Financial for Lutherans now owns 1,908,913 shares of the company’s stock valued at $106,116,000 after acquiring an additional 628,065 shares during the period.

Wolfspeed Stock Up 3.2 %

Shares of WOLF traded up $0.92 during midday trading on Thursday, reaching $29.50. 3,328,822 shares of the stock were exchanged, compared to its average volume of 4,806,782. Wolfspeed, Inc. has a 12-month low of $23.54 and a 12-month high of $70.42. The firm has a 50 day simple moving average of $28.44 and a 200-day simple moving average of $34.16. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -4.83 and a beta of 1.65.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. The firm 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%. Research analysts forecast that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insider Activity at Wolfspeed

In related news, Director Darren R. Jackson bought 10,000 shares of the company’s stock in a transaction that occurred on 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 completion of the acquisition, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on WOLF. Piper Sandler cut their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. JPMorgan Chase & Co. dropped their price objective on Wolfspeed from $44.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $46.40.

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.