UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 2,114,161 Shares of Wolfspeed, Inc. (NYSE:WOLF)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its stake in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 68.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 961,773 shares of the company's stock after selling 2,114,161 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.75% of Wolfspeed worth $6,405,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of 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 in the last quarter. Primecap Management Co. CA raised its position in Wolfspeed by 2.7% during the fourth quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company's stock valued at $43,418,000 after purchasing an additional 169,984 shares in the last quarter. Neuberger Berman Group LLC raised its position in Wolfspeed by 4.3% during the fourth quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company's stock valued at $16,701,000 after purchasing an additional 104,042 shares in the last quarter. Frontier Capital Management Co. LLC lifted its stake in Wolfspeed by 94.2% during 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 last quarter. Finally, Voloridge Investment Management LLC boosted its holdings in shares of Wolfspeed by 0.7% in the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company's stock valued at $12,759,000 after purchasing an additional 12,660 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. The Goldman Sachs Group lowered their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Wolfspeed in a research report on Friday, May 9th. Piper Sandler lowered their target price on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Finally, Citigroup restated 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. Five research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $11.15.

Wolfspeed Trading Up 14.6%

Shares of NYSE:WOLF traded up $0.21 during midday trading on Wednesday, hitting $1.61. 32,620,090 shares of the stock were exchanged, compared to its average volume of 17,669,785. The business's 50-day moving average price is $2.73 and its 200 day moving average price is $5.35. Wolfspeed, Inc. has a 12 month low of $0.82 and a 12 month high of $30.86. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The stock has a market capitalization of $249.78 million, a price-to-earnings ratio of -0.21 and a beta of 1.62.

Wolfspeed (NYSE:WOLF - Get Free Report) last posted its 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 business had revenue of $185.40 million for the quarter, compared to the consensus estimate of $190.03 million. During the same period last year, the company earned ($0.62) EPS. The firm's revenue was down 7.6% compared to the same quarter last year. Analysts predict that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Insider Activity

In other news, CFO Neill Reynolds sold 13,909 shares of the 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 completion of the sale, the chief financial officer now directly owns 195,257 shares in the company, valued at $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.84% of the company's stock.

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.