PNC Financial Services Group Inc. Sells 818 Shares of Wolfspeed, Inc. (NYSE:WOLF)

PNC Financial Services Group Inc. lowered its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 8.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 9,089 shares of the company’s stock after selling 818 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Wolfspeed were worth $395,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of WOLF. TFO Wealth Partners LLC increased its position in Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after acquiring an additional 574 shares during the last quarter. Independence Bank of Kentucky boosted its stake in shares of 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 purchasing an additional 350 shares during the period. Rakuten Securities Inc. bought a new position in Wolfspeed during the 4th quarter valued at about $48,000. GAMMA Investing LLC purchased a new stake in Wolfspeed in the 4th quarter worth about $56,000. Finally, Garner Asset Management Corp bought a new stake in Wolfspeed in the fourth quarter worth about $198,000.

Insider Activity at Wolfspeed

In other news, Director Marvin Riley purchased 1,866 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were acquired at an average cost of $27.05 per share, with a total value of $50,475.30. Following the completion of the acquisition, the director now owns 13,297 shares of the company’s stock, valued at $359,683.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WOLF. William Blair cut Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Canaccord Genuity Group reduced their target price on Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday. Mizuho boosted their target price on shares of Wolfspeed from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. TD Cowen downgraded shares of Wolfspeed from a “buy” rating to a “hold” rating and reduced their price target for the stock from $40.00 to $25.00 in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $35.43.

Wolfspeed Trading Down 2.0 %

Shares of NYSE WOLF opened at $22.76 on Friday. Wolfspeed, Inc. has a 1-year low of $20.63 and a 1-year high of $70.42. The business has a fifty day moving average price of $25.68 and a 200 day moving average price of $29.63. The stock has a market capitalization of $2.86 billion, a P/E ratio of -3.52 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Equities research analysts expect that Wolfspeed, Inc. will post -3.18 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.