Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Hardman Johnston Global Advisors LLC

Hardman Johnston Global Advisors LLC lessened its stake in Wolfspeed, Inc. (NYSE:WOLF) by 4.6% during the third quarter, Holdings Channel reports. The firm owned 254,271 shares of the company’s stock after selling 12,390 shares during the period. Hardman Johnston Global Advisors LLC’s holdings in Wolfspeed were worth $2,466,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Seven Eight Capital LP increased its position in Wolfspeed by 0.5% during the 1st quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock worth $3,716,000 after purchasing an additional 675 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after buying an additional 691 shares during the period. Arizona State Retirement System increased its position in shares of Wolfspeed by 2.3% in the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after acquiring an additional 775 shares in the last quarter. Mather Group LLC. raised its stake in shares of Wolfspeed by 385.5% in the 2nd quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after acquiring an additional 933 shares during the period. Finally, Signaturefd LLC lifted its holdings in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares in the last quarter.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $12.87 on Wednesday. The firm has a market cap of $1.63 billion, a PE ratio of -1.85 and a beta of 1.46. Wolfspeed, Inc. has a 1 year low of $7.28 and a 1 year high of $47.43. The firm’s 50-day simple moving average is $10.90 and its 200-day simple moving average is $18.26. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The firm had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. Equities analysts forecast that Wolfspeed, Inc. will post -4.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

WOLF has been the subject of several recent research reports. Piper Sandler lowered their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft lowered their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research report on Tuesday, July 9th. Mizuho downgraded shares of Wolfspeed from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. Finally, The Goldman Sachs Group reduced their target price on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $22.43.

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.