Wolfspeed, Inc. (NYSE:WOLF) Position Reduced by Capital Group Private Client Services Inc.

Capital Group Private Client Services Inc. reduced its position in Wolfspeed, Inc. (NYSE:WOLF) by 3.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 47,526 shares of the company’s stock after selling 1,557 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Wolfspeed were worth $1,402,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after purchasing an additional 449,732 shares during the period. Norges Bank acquired a new stake in shares of Wolfspeed in the fourth quarter worth $308,701,000. Artisan Partners Limited Partnership grew its holdings in shares of Wolfspeed by 15.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after buying an additional 352,609 shares in the last quarter. Primecap Management Co. CA raised its position in Wolfspeed by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 1,906,494 shares of the company’s stock valued at $82,952,000 after buying an additional 29,700 shares during the period. Finally, FengHe Fund Management Pte. Ltd. lifted its stake in Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after acquiring an additional 1,165,600 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WOLF. Canaccord Genuity Group lowered their target price on Wolfspeed from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, June 25th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Susquehanna dropped their price target on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, Morgan Stanley reduced their price objective on Wolfspeed from $26.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.43.

Insider Buying and Selling

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

Wolfspeed Stock Up 4.9 %

Shares of WOLF traded up $0.90 during trading hours on Friday, hitting $19.24. 3,626,487 shares of the company were exchanged, compared to its average volume of 4,257,639. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. The company has a market cap of $2.42 billion, a PE ratio of -2.98 and a beta of 1.60. The firm’s 50 day moving average is $24.77 and its 200-day moving average is $26.81. Wolfspeed, Inc. has a 52 week low of $18.10 and a 52 week high of $66.22.

Wolfspeed (NYSE:WOLF) last posted its earnings results 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 firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.49 million. On average, equities research analysts forecast that Wolfspeed, Inc. will post -3.21 EPS for the current fiscal year.

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.