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

Two Sigma Advisers LP cut its stake in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 12.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Allworth Financial LP raised its holdings in Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock worth $44,000 after purchasing an additional 1,949 shares in the last quarter. Sterling Capital Management LLC raised its holdings in Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock worth $50,000 after purchasing an additional 2,533 shares in the last quarter. Ground Swell Capital LLC raised its holdings in Wolfspeed by 25.6% in the 4th 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 in the last quarter. KBC Group NV raised its holdings in Wolfspeed by 76.5% in the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after purchasing an additional 2,629 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after purchasing an additional 2,912 shares in the last quarter.

Wolfspeed Stock Down 3.8%

WOLF stock traded down $0.06 during trading on Tuesday, hitting $1.40. 16,568,282 shares of the stock traded hands, compared to its average volume of 17,170,222. Wolfspeed, Inc. has a 1 year low of $0.82 and a 1 year high of $30.86. The firm's 50 day moving average is $3.28 and its two-hundred day moving average is $5.61. The stock has a market cap of $217.10 million, a price-to-earnings ratio of -0.18 and a beta of 1.62. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

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

Analyst Ratings Changes

Several brokerages have commented on WOLF. The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Piper Sandler decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. 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 note on Thursday, January 30th. Citigroup reiterated a "sell" rating and issued a $3.00 price target (down from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.15.

Insider Activity

In related news, CFO Neill Reynolds sold 13,909 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now owns 195,257 shares of the company's stock, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.84% of the company's stock.

Wolfspeed 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.