KBC Group NV Has $33,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

KBC Group NV lessened its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 98.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,435 shares of the company’s stock after selling 211,690 shares during the quarter. KBC Group NV’s holdings in Wolfspeed were worth $33,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Wolfspeed by 3.6% during 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 during the period. Primecap Management Co. CA boosted its stake in Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after purchasing an additional 800,540 shares during the period. Bank of New York Mellon Corp grew its holdings in Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares in the last quarter. Samlyn Capital LLC lifted its holdings in shares of Wolfspeed by 51.6% during the second quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock worth $22,968,000 after buying an additional 343,277 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Wolfspeed by 2.0% in the first quarter. Janus Henderson Group PLC now owns 720,961 shares of the company’s stock valued at $21,265,000 after acquiring an additional 14,007 shares during the period.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.76 per share, with a total value of $249,951.00. Following the completion of the acquisition, the director now directly owns 85,996 shares of the company’s stock, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.84% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on WOLF shares. 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 research note on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group lowered their price objective on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (down from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. Finally, Mizuho decreased their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.21.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $8.44 on Friday. The firm has a 50 day simple moving average of $10.70 and a 200 day simple moving average of $16.76. The company has a market cap of $1.08 billion, a price-to-earnings ratio of -1.42 and a beta of 1.46. Wolfspeed, Inc. has a one year low of $6.10 and a one year high of $47.43. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54.

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