Wolfspeed, Inc. (NYSE:WOLF) is Firsthand Capital Management Inc.’s 10th Largest Position

Firsthand Capital Management Inc. trimmed its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 3.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 180,000 shares of the company’s stock after selling 7,000 shares during the period. Wolfspeed accounts for 3.4% of Firsthand Capital Management Inc.’s holdings, making the stock its 10th biggest position. Firsthand Capital Management Inc. owned about 0.14% of Wolfspeed worth $1,746,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Advisors Asset Management Inc. raised its stake in Wolfspeed by 64.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after purchasing an additional 691 shares during the last quarter. Arizona State Retirement System raised 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 valued at $802,000 after buying an additional 775 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after buying an additional 933 shares in the last quarter. Signaturefd LLC boosted its position in Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Wolfspeed by 6.2% during the second quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company’s stock worth $671,000 after acquiring an additional 1,722 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on WOLF shares. Morgan Stanley raised their target price on shares of Wolfspeed from $10.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Bank of America lowered their price objective on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research note on Friday, August 23rd. JPMorgan Chase & Co. cut their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. Finally, Roth Mkm dropped their price objective on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.21.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction dated Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now owns 18,688 shares in the company, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Darren R. Jackson bought 36,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 78,067 shares of company stock worth $524,747 over the last ninety days. Company insiders own 0.84% of the company’s stock.

Wolfspeed Stock Performance

NYSE:WOLF opened at $9.57 on Friday. The stock has a market capitalization of $1.22 billion, a P/E ratio of -1.61 and a beta of 1.46. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. Wolfspeed, Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $47.43. The company has a 50 day moving average price of $10.75 and a 200 day moving average price of $16.39.

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.