Algert Global LLC Lowers Stake in Wolfspeed, Inc. (NYSE:WOLF)

Algert Global LLC lowered its stake in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 66.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 48,684 shares of the company's stock after selling 96,532 shares during the period. Algert Global LLC's holdings in Wolfspeed were worth $324,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Erste Asset Management GmbH boosted its position in Wolfspeed by 77.4% in the 4th quarter. Erste Asset Management GmbH now owns 793,518 shares of the company's stock valued at $5,773,000 after buying an additional 346,319 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Wolfspeed by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock valued at $8,040,000 after buying an additional 335,966 shares during the period. Vanguard Group Inc. boosted its position in Wolfspeed by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock valued at $106,056,000 after buying an additional 299,304 shares during the period. Iridian Asset Management LLC CT boosted its position in Wolfspeed by 56.6% in the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company's stock valued at $5,436,000 after buying an additional 295,025 shares during the period. Finally, Yaupon Capital Management LP purchased a new position in Wolfspeed in the 4th quarter valued at approximately $1,924,000.

Insider Buying and Selling

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the transaction, the chief financial officer now directly owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.84% of the stock is owned by company insiders.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $3.31 on Tuesday. The company's fifty day moving average price is $3.83 and its 200 day moving average price is $6.32. Wolfspeed, Inc. has a 12 month low of $2.06 and a 12 month high of $30.86. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The firm has a market capitalization of $422.09 million, a P/E ratio of -0.43 and a beta of 1.62.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. The firm had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. During the same period last year, the business earned ($0.62) EPS. Wolfspeed's revenue for the quarter was down 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on WOLF. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Bank of America decreased their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research report on Thursday, January 30th. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a report on Friday. Piper Sandler reduced their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a report on Friday. Finally, Susquehanna reduced their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, January 22nd. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $11.15.

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.

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