Artisan Partners Limited Partnership Sells 90,294 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Artisan Partners Limited Partnership reduced its stake in Wolfspeed, Inc. (NYSE:WOLF) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,630,268 shares of the company’s stock after selling 90,294 shares during the period. Artisan Partners Limited Partnership’s holdings in Wolfspeed were worth $24,178,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Wolfspeed by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock worth $106,056,000 after purchasing an additional 299,304 shares during the last quarter. Primecap Management Co. CA grew its holdings in Wolfspeed by 2.7% during the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock valued at $43,418,000 after buying an additional 169,984 shares in the last quarter. Two Sigma Advisers LP increased its stake in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Wolfspeed by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock worth $8,040,000 after acquiring an additional 335,966 shares in the last quarter. Finally, Iridian Asset Management LLC CT boosted its position in shares of Wolfspeed by 56.6% during the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock valued at $5,436,000 after acquiring an additional 295,025 shares during the last quarter.

Analysts Set New Price Targets

WOLF has been the topic of several research reports. Bank of America reduced their price target on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research report on Thursday, January 30th. StockNews.com upgraded shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Canaccord Genuity Group dropped their price target on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group decreased their price objective on Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, Piper Sandler dropped their target price on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Three research analysts have 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, the company currently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Trading Down 51.6 %

NYSE WOLF opened at $2.61 on Friday. The stock has a market cap of $332.69 million, a PE ratio of -0.34 and a beta of 1.50. Wolfspeed, Inc. has a 12 month low of $2.54 and a 12 month high of $30.86. The company’s 50-day moving average price is $5.82 and its 200-day moving average price is $8.12. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. Equities research analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

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.