Yousif Capital Management LLC Lowers Position in Wolfspeed, Inc. (NYSE:WOLF)

Yousif Capital Management LLC cut its stake in Wolfspeed, Inc. (NYSE:WOLF – Get Rating) by 8.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,060 shares of the company’s stock after selling 5,977 shares during the period. Yousif Capital Management LLC owned 0.05% of Wolfspeed worth $6,518,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its holdings in shares of Wolfspeed by 38,868.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 446,972 shares of the company’s stock valued at $46,198,000 after purchasing an additional 445,825 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Wolfspeed by 104.6% during the third quarter. Handelsbanken Fonder AB now owns 646,554 shares of the company’s stock valued at $66,828,000 after purchasing an additional 330,582 shares during the last quarter. Barclays PLC raised its holdings in Wolfspeed by 180.1% in the 3rd quarter. Barclays PLC now owns 407,799 shares of the company’s stock worth $42,150,000 after acquiring an additional 262,221 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in Wolfspeed by 622.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 233,365 shares of the company’s stock worth $14,807,000 after acquiring an additional 201,074 shares during the last quarter. Finally, Woodline Partners LP raised its holdings in Wolfspeed by 265.7% in the 2nd quarter. Woodline Partners LP now owns 180,823 shares of the company’s stock worth $11,473,000 after acquiring an additional 131,375 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on WOLF shares. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Wolfspeed from $90.00 to $80.00 in a report on Wednesday, January 11th. StockNews.com started coverage on shares of Wolfspeed in a research report on Wednesday, October 12th. They issued a “sell” rating for the company. Citigroup cut their target price on shares of Wolfspeed from $115.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, November 4th. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $140.00 to $114.00 and set a “buy” rating for the company in a research report on Friday, October 28th. Finally, Evercore ISI cut their target price on shares of Wolfspeed to $115.00 in a research report on Tuesday, November 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $102.67.

Insider Buying and Selling

In other news, Director Duy Loan T. Le bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 1st. The stock was bought at an average price of $77.26 per share, with a total value of $77,260.00. Following the acquisition, the director now owns 25,662 shares of the company’s stock, valued at approximately $1,982,646.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Duy Loan T. Le purchased 2,000 shares of the firm’s stock in a transaction on Friday, November 18th. The shares were acquired at an average price of $91.04 per share, for a total transaction of $182,080.00. Following the purchase, the director now directly owns 29,662 shares in the company, valued at $2,700,428.48. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Duy Loan T. Le purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, November 1st. The stock was bought at an average price of $77.26 per share, for a total transaction of $77,260.00. Following the purchase, the director now owns 25,662 shares in the company, valued at $1,982,646.12. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by insiders.

Wolfspeed Trading Down 4.8 %

Shares of Wolfspeed stock opened at $81.61 on Wednesday. The company has a market capitalization of $10.14 billion, a P/E ratio of -62.30 and a beta of 1.46. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.97 and a current ratio of 4.61. The company has a fifty day moving average of $79.67 and a 200 day moving average of $93.32. Wolfspeed, Inc. has a fifty-two week low of $58.07 and a fifty-two week high of $125.48.

Wolfspeed (NYSE:WOLF – Get Rating) last issued its earnings results on Wednesday, October 26th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.01). The firm had revenue of $241.30 million during the quarter, compared to the consensus estimate of $239.76 million. Wolfspeed had a negative return on equity of 4.40% and a negative net margin of 18.90%. On average, sell-side analysts anticipate that Wolfspeed, Inc. will post -0.94 earnings per share for the current fiscal year.

About Wolfspeed

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Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies Europe, China, the United States, Japan, South Korea, 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.