Caitong International Asset Management Co. Ltd Sells 295,531 Shares of Wolfspeed, Inc. $WOLF

Caitong International Asset Management Co. Ltd trimmed its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 98.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,782 shares of the company’s stock after selling 295,531 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Wolfspeed were worth $66,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WOLF. Capital Research Global Investors bought a new position in Wolfspeed during the 3rd quarter worth about $79,426,000. UBS Group AG boosted its position in Wolfspeed by 3,413.9% during the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock valued at $22,103,000 after purchasing an additional 1,233,419 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Wolfspeed by 94.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after purchasing an additional 906,968 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares in the last quarter. Finally, Calamos Advisors LLC bought a new stake in Wolfspeed during the fourth quarter valued at about $12,451,000.

Wolfspeed Price Performance

Shares of WOLF stock opened at $42.88 on Friday. The company has a market cap of $2.23 billion and a P/E ratio of -4.06. Wolfspeed, Inc. has a 1-year low of $8.05 and a 1-year high of $80.82. The stock’s 50-day moving average is $43.27 and its 200 day moving average is $27.16.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. The firm’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.72) EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on WOLF shares. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.00.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.