Bank of New York Mellon Corp Decreases Stock Position in Wolfspeed, Inc. (NYSE:WOLF)

Bank of New York Mellon Corp decreased its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 39.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 758,343 shares of the company’s stock after selling 497,640 shares during the period. Bank of New York Mellon Corp owned approximately 0.59% of Wolfspeed worth $5,051,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Primecap Management Co. CA grew its holdings in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after buying an additional 303,870 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock valued at $23,848,000 after acquiring an additional 2,189,500 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Wolfspeed by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after purchasing an additional 21,143 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Wolfspeed by 1,158.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after purchasing an additional 766,971 shares during the last quarter. Finally, Iridian Asset Management LLC CT raised its stake in Wolfspeed by 56.6% during the fourth quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock valued at $5,436,000 after purchasing an additional 295,025 shares in the last quarter.

Wolfspeed Trading Up 2.8 %

Shares of WOLF opened at $6.02 on Tuesday. The firm has a market capitalization of $768.19 million, a price-to-earnings ratio of -0.78 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. Wolfspeed, Inc. has a 1-year low of $4.66 and a 1-year high of $30.86. The company has a 50-day moving average of $5.90 and a 200 day moving average of $8.33.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, research analysts expect that Wolfspeed, Inc. will post -4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WOLF. Piper Sandler reduced their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. The Goldman Sachs Group reduced their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Mizuho lowered their price objective on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. StockNews.com raised Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Susquehanna lowered their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.86.

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.