Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lessened its stake in Wolfspeed, Inc. (NYSE:WOLF) by 65.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,283 shares of the company’s stock after selling 23,251 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Wolfspeed were worth $280,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. New York State Teachers Retirement System raised its position in Wolfspeed by 0.3% during the first quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock valued at $4,233,000 after acquiring an additional 500 shares in the last quarter. Treasurer of the State of North Carolina grew its stake 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 worth $2,393,000 after purchasing an additional 540 shares during the period. TFO Wealth Partners LLC increased its holdings in shares of Wolfspeed by 57,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares in the last quarter. Green Alpha Advisors LLC lifted its stake in shares of Wolfspeed by 2.6% in the 1st quarter. Green Alpha Advisors LLC now owns 26,142 shares of the company’s stock valued at $771,000 after purchasing an additional 662 shares during the period. Finally, Seven Eight Capital LP boosted its holdings in Wolfspeed by 0.5% during the first quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock worth $3,716,000 after buying an additional 675 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WOLF. New Street Research cut shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a report on Wednesday, August 7th. Piper Sandler cut their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Bank of America cut their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a research report on Friday, August 23rd. Finally, TD Cowen decreased their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $24.53.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $8.20 on Wednesday. The firm has a 50-day simple moving average of $13.01 and a 200-day simple moving average of $21.35. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -1.27 and a beta of 1.52. Wolfspeed, Inc. has a 52 week low of $7.28 and a 52 week high of $47.43.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. On average, equities analysts predict that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Wolfspeed 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.