American International Group Inc. Cuts Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

American International Group Inc. lessened its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 3.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 169,275 shares of the company’s stock after selling 6,092 shares during the period. American International Group Inc. owned about 0.13% of Wolfspeed worth $7,365,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. TFO Wealth Partners LLC increased its stake in Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after buying an additional 574 shares during the period. Independence Bank of Kentucky increased its stake in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares during the period. Rakuten Securities Inc. purchased a new stake in Wolfspeed during the 4th quarter worth $48,000. GAMMA Investing LLC purchased a new stake in Wolfspeed during the 4th quarter worth $56,000. Finally, Garner Asset Management Corp purchased a new stake in Wolfspeed during the 4th quarter worth $198,000.

Wolfspeed Trading Down 8.6 %

Shares of NYSE:WOLF opened at $23.76 on Friday. The company has a 50 day moving average of $25.90 and a 200-day moving average of $30.32. The firm has a market cap of $2.99 billion, a P/E ratio of -3.68 and a beta of 1.60. Wolfspeed, Inc. has a twelve month low of $20.63 and a twelve month high of $70.42. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. The company had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.49 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. As a group, analysts anticipate that Wolfspeed, Inc. will post -3.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wolfspeed news, Director Marvin Riley bought 1,866 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the acquisition, the director now directly owns 13,297 shares of the company’s stock, valued at $359,683.85. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on WOLF. Citigroup dropped their target price on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Roth Mkm reissued a “buy” rating and issued a $50.00 target price on shares of Wolfspeed in a research report on Tuesday, April 30th. TD Cowen lowered shares of Wolfspeed from a “buy” rating to a “hold” rating and decreased their price target for the company from $40.00 to $25.00 in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a report on Tuesday, May 7th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 price target (down from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. One analyst has 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 data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $36.36.

About Wolfspeed

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.