US Bancorp DE Decreases Stake in Wolfspeed, Inc. (NYSE:WOLF)

US Bancorp DE reduced its stake in Wolfspeed, Inc. (NYSE:WOLF) by 38.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,932 shares of the company’s stock after selling 4,411 shares during the period. US Bancorp DE’s holdings in Wolfspeed were worth $46,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Two Sigma Advisers LP lifted its holdings in Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of 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 buying an additional 766,971 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in Wolfspeed in the 3rd quarter worth approximately $4,542,000. Primecap Management Co. CA boosted its holdings in Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares during the period. Finally, Iridian Asset Management LLC CT grew its position in shares of Wolfspeed by 56.6% during the 4th 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on WOLF shares. The Goldman Sachs Group cut their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Susquehanna cut their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Piper Sandler lowered their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Mizuho cut their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. Finally, Bank of America lowered their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research report on Thursday, January 30th. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Stock Performance

Shares of WOLF stock opened at $5.45 on Wednesday. The company has a market capitalization of $695.40 million, a price-to-earnings ratio of -0.71 and a beta of 1.50. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. Wolfspeed, Inc. has a one year low of $4.66 and a one year high of $30.86. The company’s 50-day moving average is $5.86 and its 200 day moving average is $8.29.

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