Two Sigma Advisers LP Sells 315,100 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Two Sigma Advisers LP cut its holdings in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 12.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,143,500 shares of the company's stock after selling 315,100 shares during the quarter. Two Sigma Advisers LP owned about 1.68% of Wolfspeed worth $14,276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Raiffeisen Bank International AG bought a new position in Wolfspeed in the fourth quarter valued at approximately $1,782,000. Redwood Investment Management LLC boosted its stake in Wolfspeed by 47.3% in the fourth quarter. Redwood Investment Management LLC now owns 69,179 shares of the company's stock valued at $461,000 after acquiring an additional 22,224 shares during the last quarter. Gotham Asset Management LLC raised its holdings in Wolfspeed by 102.8% in the fourth quarter. Gotham Asset Management LLC now owns 51,761 shares of the company's stock worth $345,000 after purchasing an additional 26,241 shares during the period. Ground Swell Capital LLC raised its holdings in Wolfspeed by 25.6% in the fourth quarter. Ground Swell Capital LLC now owns 12,827 shares of the company's stock worth $85,000 after purchasing an additional 2,611 shares during the period. Finally, Frontier Capital Management Co. LLC raised its holdings in Wolfspeed by 94.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock worth $13,658,000 after purchasing an additional 995,020 shares during the period.

Wolfspeed Stock Down 15.5%

Shares of NYSE:WOLF traded down $0.27 during midday trading on Friday, reaching $1.45. 68,674,044 shares of the company were exchanged, compared to its average volume of 17,165,500. Wolfspeed, Inc. has a fifty-two week low of $0.82 and a fifty-two week high of $30.86. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The stock has a fifty day simple moving average of $3.37 and a two-hundred day simple moving average of $5.68. The firm has a market cap of $224.88 million, a PE ratio of -0.19 and a beta of 1.62.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.72) EPS for the quarter, topping analysts' consensus estimates 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 business 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 posted ($0.62) earnings per share. The firm's quarterly revenue was down 7.6% on a year-over-year basis. As a group, sell-side analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of Wolfspeed stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer now directly owns 195,257 shares in the company, valued at approximately $779,075.43. The trade was a 6.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.84% of the company's stock.

Analyst Ratings Changes

WOLF has been the topic of several analyst reports. Piper Sandler cut their target price on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Canaccord Genuity Group cut their target price on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Citigroup reiterated a "sell" rating and issued a $3.00 target price (down from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. The Goldman Sachs Group cut their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Wolfspeed currently has a consensus rating of "Hold" and a consensus target price 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.