Handelsinvest Investeringsforvaltning Lowers Stake in Wolfspeed, Inc. (NYSE:WOLF)

Handelsinvest Investeringsforvaltning lowered its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 34.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,062 shares of the company’s stock after selling 2,108 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Wolfspeed were worth $120,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. State of Michigan Retirement System raised its position in shares of Wolfspeed by 1.0% during the 4th quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock valued at $1,306,000 after buying an additional 300 shares in the last quarter. Independence Bank of Kentucky grew its holdings in shares of Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares during the last quarter. Capital Investment Advisory Services LLC grew its holdings in shares of Wolfspeed by 6.1% during the 4th quarter. Capital Investment Advisory Services LLC now owns 8,665 shares of the company’s stock valued at $377,000 after purchasing an additional 500 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of Wolfspeed by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock valued at $2,393,000 after purchasing an additional 540 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Wolfspeed by 0.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 106,024 shares of the company’s stock valued at $4,613,000 after purchasing an additional 554 shares during the last quarter.

Insiders Place Their Bets

In other news, Director Marvin Riley bought 1,866 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was 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 available through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on WOLF shares. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Canaccord Genuity Group reduced their target price on shares of Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, June 25th. Citigroup cut their price target on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Roth Mkm reissued a “buy” rating and issued a $50.00 price target on shares of Wolfspeed in a report on Tuesday, April 30th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $35.43.

Wolfspeed Trading Down 0.7 %

Shares of NYSE WOLF opened at $23.67 on Thursday. Wolfspeed, Inc. has a 1 year low of $20.63 and a 1 year high of $70.42. The stock has a market cap of $2.98 billion, a P/E ratio of -3.66 and a beta of 1.60. The firm has a 50-day moving average of $25.67 and a 200 day moving average of $29.17. 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 issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. The company had revenue of $200.70 million during the quarter, compared to analysts’ expectations 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, sell-side analysts expect that Wolfspeed, Inc. will post -3.21 EPS for the current fiscal year.

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.