Erste Asset Management GmbH Sells 395,420 Shares of Wolfspeed $WOLF

Key Points

• Erste Asset Management GmbH reduced its stake in Wolfspeed by 49.8% during the first quarter, now holding 398,098 shares valued at approximately $1.22 million.
• Several other institutional investors adjusted their positions in Wolfspeed, with State of Tennessee Department of Treasury increasing its holdings by 69.1%.
• Analyst ratings for Wolfspeed have been mixed, with Citigroup downgrading its target price from $7.00 to $3.00 while maintaining a "sell" rating.

Erste Asset Management GmbH lowered its holdings in shares of Wolfspeed (NYSE:WOLF - Free Report) by 49.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 398,098 shares of the company's stock after selling 395,420 shares during the period. Erste Asset Management GmbH owned about 0.31% of Wolfspeed worth $1,218,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. N.E.W. Advisory Services LLC acquired a new position in shares of Wolfspeed during the 1st quarter worth $28,000. Beacon Capital Management LLC acquired a new position in Wolfspeed in the 1st quarter worth about $31,000. Wealthfront Advisers LLC acquired a new position in Wolfspeed in the 1st quarter worth about $32,000. SBI Securities Co. Ltd. increased its holdings in Wolfspeed by 39.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 15,592 shares of the company's stock worth $48,000 after purchasing an additional 4,429 shares in the last quarter. Finally, Cladis Investment Advisory LLC acquired a new position in Wolfspeed in the 1st quarter worth about $49,000.

Wolfspeed Trading Up 0.4%

Shares of NYSE WOLF traded up $0.0050 during trading on Friday, reaching $1.3750. The company had a trading volume of 6,378,691 shares, compared to its average volume of 9,162,691. The company's fifty day moving average price is $1.33 and its 200-day moving average price is $2.92. Wolfspeed has a 12 month low of $0.3876 and a 12 month high of $17.4475. The stock has a market cap of $213.99 million, a P/E ratio of -0.16 and a beta of 1.23. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65.

Analyst Ratings Changes

A number of brokerages have issued reports on WOLF. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Citigroup reaffirmed a "sell" rating and issued a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Finally, Piper Sandler lowered their target price on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $9.80.

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.