Capital Group Private Client Services Inc. Decreases Stake in Wolfspeed, Inc. (NYSE:WOLF)

Capital Group Private Client Services Inc. lessened its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 3.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,526 shares of the company’s stock after selling 1,557 shares during the period. Capital Group Private Client Services Inc.’s holdings in Wolfspeed were worth $1,402,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its stake in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after acquiring an additional 691 shares in the last quarter. EntryPoint Capital LLC grew its holdings in Wolfspeed by 149.4% in the first quarter. EntryPoint Capital LLC now owns 3,295 shares of the company’s stock valued at $97,000 after purchasing an additional 1,974 shares during the last quarter. Natixis purchased a new position in shares of Wolfspeed in the first quarter valued at $875,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Wolfspeed by 14.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 133,395 shares of the company’s stock worth $3,935,000 after buying an additional 17,154 shares during the last quarter. Finally, Aequim Alternative Investments LP boosted its position in shares of Wolfspeed by 14.7% in the 1st quarter. Aequim Alternative Investments LP now owns 163,800 shares of the company’s stock worth $4,832,000 after buying an additional 21,000 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft reduced their price objective on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Tuesday, May 7th. Canaccord Genuity Group dropped their price objective on Wolfspeed from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, June 25th. Finally, Susquehanna reduced their target price on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $35.43.

Wolfspeed Trading Up 4.9 %

Shares of WOLF traded up $0.90 during mid-day trading on Friday, reaching $19.24. The company had a trading volume of 3,626,487 shares, compared to its average volume of 4,257,639. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of -2.98 and a beta of 1.60. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. The firm has a fifty day simple moving average of $24.77 and a 200-day simple moving average of $26.81. Wolfspeed, Inc. has a fifty-two week low of $18.10 and a fifty-two week high of $66.22.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. The firm had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. On average, sell-side analysts anticipate that Wolfspeed, Inc. will post -3.21 EPS for the current fiscal year.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Marvin Riley bought 1,866 shares of Wolfspeed stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average price of $27.05 per share, for a total transaction of $50,475.30. Following the acquisition, the director now owns 13,297 shares of the company’s stock, valued at approximately $359,683.85. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.62% of the company’s stock.

Wolfspeed Company 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.