Wolfspeed (NYSE:WOLF) Shares Acquired by Vontobel Holding Ltd.

Vontobel Holding Ltd. grew its holdings in Wolfspeed (NYSE:WOLF) by 321.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 276,222 shares of the company’s stock after acquiring an additional 210,644 shares during the quarter. Vontobel Holding Ltd. owned 0.22% of Wolfspeed worth $845,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its holdings in Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after acquiring an additional 3,548 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after acquiring an additional 2,912 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in Wolfspeed by 51.4% in the fourth quarter. Sterling Capital Management LLC now owns 7,463 shares of the company’s stock worth $50,000 after acquiring an additional 2,533 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in Wolfspeed in the fourth quarter worth about $67,000. Finally, One68 Global Capital LLC acquired a new stake in Wolfspeed in the fourth quarter worth about $67,000.

Analyst Upgrades and Downgrades

WOLF has been the subject of several recent analyst reports. Piper Sandler lowered their price target on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a report on Friday, May 9th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Wolfspeed in a report on Friday, May 9th. The Goldman Sachs Group decreased their target price on Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Finally, Citigroup reaffirmed a “sell” rating and set a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $11.15.

Insiders Place Their Bets

In related news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the completion of the transaction, the chief financial officer directly owned 195,257 shares in the company, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.84% of the company’s stock.

Wolfspeed Stock Up 55.9%

Shares of WOLF stock opened at $1.21 on Friday. The stock has a 50 day moving average of $2.04 and a 200 day moving average of $4.14. The company has a current ratio of 4.64, a quick ratio of 3.90 and a debt-to-equity ratio of 30.65. The stock has a market cap of $187.53 million, a P/E ratio of -0.14 and a beta of 1.09. Wolfspeed has a twelve month low of $0.39 and a twelve month high of $25.49.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.10. The company had revenue of $185.40 million during the quarter, compared to analysts’ expectations of $190.03 million. Wolfspeed had a negative return on equity of 103.97% and a negative net margin of 146.43%. Wolfspeed’s quarterly revenue was down 7.6% on a year-over-year basis. During the same period last year, the business earned ($0.62) earnings per share. As a group, sell-side analysts expect that Wolfspeed will post -4 EPS for the current 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.