Vontobel Holding Ltd. Sells 15,544 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Vontobel Holding Ltd. lessened its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 26.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,606 shares of the company’s stock after selling 15,544 shares during the quarter. Vontobel Holding Ltd.’s holdings in Wolfspeed were worth $1,897,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Manhattan CO. LLC. purchased a new position in Wolfspeed during the 1st quarter valued at $39,000. Aspire Private Capital LLC raised its stake in Wolfspeed by 50.0% in the fourth quarter. Aspire Private Capital LLC now owns 600 shares of the company’s stock worth $41,424,000,000 after buying an additional 200 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in Wolfspeed in the fourth quarter worth about $43,000. Independence Bank of Kentucky boosted its position in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after acquiring an additional 350 shares in the last quarter. Finally, Toroso Investments LLC purchased a new position in shares of Wolfspeed during the 3rd quarter worth approximately $131,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on WOLF shares. Mizuho initiated coverage on Wolfspeed in a research note on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Piper Sandler reduced their target price on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Susquehanna reissued a “neutral” rating and set a $35.00 price target on shares of Wolfspeed in a research report on Monday, April 8th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $43.63.

Insiders Place Their Bets

In related news, Director Darren R. Jackson purchased 10,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were purchased at an average price of $25.80 per share, with a total value of $258,000.00. Following the acquisition, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

Wolfspeed Stock Performance

WOLF stock opened at $22.18 on Friday. The stock’s 50 day simple moving average is $26.93 and its 200 day simple moving average is $32.61. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. Wolfspeed, Inc. has a 12-month low of $22.16 and a 12-month high of $70.42. The stock has a market capitalization of $2.79 billion, a PE ratio of -3.65 and a beta of 1.66.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.10. The firm had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. As a group, research analysts forecast that Wolfspeed, Inc. will post -3.05 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.