Alliancebernstein L.P. Sells 14,104 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Alliancebernstein L.P. cut its position in Wolfspeed, Inc. (NYSE:WOLF) by 23.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 45,288 shares of the company’s stock after selling 14,104 shares during the period. Alliancebernstein L.P.’s holdings in Wolfspeed were worth $302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WOLF. Allworth Financial LP increased its stake in Wolfspeed by 38.1% during the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after acquiring an additional 1,949 shares during the period. KBC Group NV lifted its position in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 shares during the period. Steward Partners Investment Advisory LLC grew its stake in Wolfspeed by 192.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock worth $29,000 after buying an additional 2,912 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Wolfspeed by 66.6% in the 4th quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock valued at $50,000 after buying an additional 3,025 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Wolfspeed by 2.4% during the 4th quarter. New York State Teachers Retirement System now owns 148,784 shares of the company’s stock worth $991,000 after acquiring an additional 3,500 shares during the period.

Wolfspeed Stock Down 0.8 %

Shares of WOLF stock opened at $2.45 on Tuesday. The company’s fifty day simple moving average is $4.59 and its two-hundred day simple moving average is $7.34. Wolfspeed, Inc. has a 52 week low of $2.06 and a 52 week high of $30.86. The stock has a market cap of $312.90 million, a P/E ratio of -0.32 and a beta of 1.69. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data 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%. Analysts predict that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Analysts Set New Price Targets

WOLF has been the topic of a number of recent analyst reports. Piper Sandler decreased their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Bank of America decreased their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research note on Thursday, January 30th. StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th. The Goldman Sachs Group lowered 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, Susquehanna reduced their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Wolfspeed presently has an average rating of “Hold” and a consensus price target of $13.15.

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.