Bank of New York Mellon Corp Sells 497,640 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Bank of New York Mellon Corp cut its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 39.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 758,343 shares of the company’s stock after selling 497,640 shares during the period. Bank of New York Mellon Corp’s holdings in Wolfspeed were worth $5,051,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. R Squared Ltd purchased a new position in Wolfspeed in the fourth quarter valued at about $28,000. KBC Group NV boosted its holdings in shares of Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after buying an additional 2,629 shares in the last quarter. Allworth Financial LP grew its position in shares of Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after buying an additional 1,949 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Wolfspeed by 66.6% during the 4th quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock worth $50,000 after acquiring an additional 3,025 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Wolfspeed during the fourth quarter valued at approximately $52,000.

Wolfspeed Stock Performance

WOLF opened at $6.02 on Tuesday. The firm has a 50 day moving average of $5.90 and a two-hundred day moving average of $8.33. The firm has a market capitalization of $768.19 million, a PE ratio of -0.78 and a beta of 1.50. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. Wolfspeed, Inc. has a 12-month low of $4.66 and a 12-month high of $30.86.

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

Wall Street Analysts Forecast Growth

WOLF has been the topic of several analyst reports. Mizuho cut their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. The Goldman Sachs Group lowered their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. StockNews.com raised Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Piper Sandler lowered their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Finally, Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Three 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $14.86.

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.