Clearbridge Investments LLC Lowers Stock Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Clearbridge Investments LLC lowered its stake in Wolfspeed, Inc. (NYSE:WOLF) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,794,213 shares of the company’s stock after selling 46,243 shares during the period. Clearbridge Investments LLC owned approximately 3.81% of Wolfspeed worth $141,429,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. B. Riley Wealth Advisors Inc. grew its holdings in Wolfspeed by 40.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 8,305 shares of the company’s stock worth $316,000 after acquiring an additional 2,377 shares during the period. Vanguard Group Inc. lifted its position in shares of Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after acquiring an additional 188,236 shares in the last quarter. Oak Harvest Investment Services purchased a new stake in Wolfspeed during the 4th quarter worth about $228,000. SG Americas Securities LLC increased its position in Wolfspeed by 183.5% during the 4th quarter. SG Americas Securities LLC now owns 10,834 shares of the company’s stock worth $471,000 after purchasing an additional 7,013 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in Wolfspeed by 80.6% in the 4th quarter. Pacer Advisors Inc. now owns 18,833 shares of the company’s stock valued at $819,000 after purchasing an additional 8,404 shares during the last quarter.

Wolfspeed Stock Down 3.5 %

Shares of WOLF stock traded down $0.75 during trading hours on Tuesday, reaching $20.96. The company had a trading volume of 3,352,796 shares, compared to its average volume of 4,245,840. The stock’s fifty day simple moving average is $25.16 and its 200 day simple moving average is $27.08. The company has a market capitalization of $2.64 billion, a P/E ratio of -3.24 and a beta of 1.60. The company has a debt-to-equity ratio of 5.55, a quick ratio of 4.00 and a current ratio of 4.58. Wolfspeed, Inc. has a twelve month low of $20.63 and a twelve 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.03. The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.49 million. Wolfspeed had a negative net margin of 96.12% and a negative return on equity of 27.37%. As a group, sell-side analysts expect that Wolfspeed, Inc. will post -3.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Susquehanna lowered their price target on shares of Wolfspeed from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. William Blair cut Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. TD Cowen lowered Wolfspeed from a “buy” rating to a “hold” rating and dropped their target price for the company from $40.00 to $25.00 in a research note on Thursday, May 2nd. Canaccord Genuity Group decreased 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. Finally, Citigroup lowered their price target on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $35.43.

Insider Transactions at Wolfspeed

In related news, Director Marvin Riley purchased 1,866 shares of Wolfspeed stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average price of $27.05 per share, with a total value of $50,475.30. Following the completion of the transaction, the director now 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 through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

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.