Amalgamated Bank Decreases Stock Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Amalgamated Bank lowered its position in Wolfspeed, Inc. (NYSE:WOLF) by 37.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 39,801 shares of the company’s stock after selling 23,792 shares during the period. Amalgamated Bank’s holdings in Wolfspeed were worth $386,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of WOLF. Iridian Asset Management LLC CT grew its holdings in Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares during the last quarter. Lazard Asset Management LLC increased its position in Wolfspeed by 292,375.0% during the 1st quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after buying an additional 70,170 shares in the last quarter. Rheos Capital Works Inc. raised its stake in Wolfspeed by 140.8% in the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after buying an additional 250,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Wolfspeed by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after acquiring an additional 449,732 shares in the last quarter. Finally, Boston Partners purchased a new stake in shares of Wolfspeed during the first quarter worth about $1,621,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on WOLF shares. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. New Street Research downgraded shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research note on Wednesday, August 7th. Bank of America cut their target price on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. TD Cowen lowered their price target on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, August 22nd. Finally, Roth Mkm cut their price objective on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.36.

Wolfspeed Price Performance

Shares of NYSE WOLF opened at $6.70 on Monday. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The firm’s 50 day simple moving average is $10.81 and its 200-day simple moving average is $17.34. Wolfspeed, Inc. has a 12 month low of $6.69 and a 12 month high of $47.43. The stock has a market capitalization of $855.66 million, a price-to-earnings ratio of -1.13 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Analysts expect that Wolfspeed, Inc. will post -4.13 EPS for the current 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.