Capital Group Investment Management PTE. LTD. Sells 57,352 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Capital Group Investment Management PTE. LTD. cut its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 69.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,719 shares of the company’s stock after selling 57,352 shares during the period. Capital Group Investment Management PTE. LTD.’s holdings in Wolfspeed were worth $759,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in WOLF. State of Michigan Retirement System increased its stake in shares of Wolfspeed by 1.0% in the fourth quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock valued at $1,306,000 after buying an additional 300 shares during the period. Independence Bank of Kentucky lifted its holdings in Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after buying an additional 350 shares during the period. Fifth Third Bancorp boosted its position in Wolfspeed by 56.9% during the first quarter. Fifth Third Bancorp now owns 1,246 shares of the company’s stock valued at $37,000 after acquiring an additional 452 shares during the last quarter. Capital Investment Advisory Services LLC grew its holdings in Wolfspeed by 6.1% during the 4th quarter. Capital Investment Advisory Services LLC now owns 8,665 shares of the company’s stock worth $377,000 after acquiring an additional 500 shares during the period. Finally, New York State Teachers Retirement System grew its stake in Wolfspeed by 0.3% during the first quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock worth $4,233,000 after purchasing an additional 500 shares during the period.

Insider Buying and Selling

In related news, Director Marvin Riley purchased 1,866 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average price of $27.05 per share, with a total value 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

WOLF has been the subject of several research analyst reports. William Blair lowered shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 target price (down from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Canaccord Genuity Group dropped their price target on Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, June 25th. Mizuho increased their target price on Wolfspeed from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a research note on Tuesday, May 7th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus target price of $35.43.

Wolfspeed Stock Performance

Shares of NYSE WOLF traded up $0.90 during midday trading on Friday, reaching $19.24. The company’s stock had a trading volume of 3,626,487 shares, compared to its average volume of 4,257,639. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00. The stock has a market capitalization of $2.42 billion, a P/E ratio of -2.98 and a beta of 1.60. The firm has a 50 day moving average price of $24.77 and a 200-day moving average price of $26.81. Wolfspeed, Inc. has a 12-month low of $18.10 and a 12-month high of $66.22.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The business had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.49 million. As a group, equities analysts predict that Wolfspeed, Inc. will post -3.21 earnings per share for the current year.

About Wolfspeed

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.