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 position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 68.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 0.75% of Wolfspeed worth $6,405,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WOLF. Jones Financial Companies Lllp increased its position in shares of Wolfspeed by 1,240.6% during the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company's stock valued at $26,000 after acquiring an additional 3,548 shares during the last quarter. R Squared Ltd bought a new position in Wolfspeed in the 4th quarter valued at $28,000. Steward Partners Investment Advisory LLC grew its stake in Wolfspeed by 192.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock valued at $29,000 after purchasing an additional 2,912 shares during the period. KBC Group NV increased its position in shares of Wolfspeed by 76.5% during the 4th quarter. KBC Group NV now owns 6,064 shares of the company's stock valued at $40,000 after purchasing an additional 2,629 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Wolfspeed by 38.1% during 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 during the period.

Wolfspeed Stock Performance

Wolfspeed stock traded down $0.10 during mid-day trading on Friday, reaching $1.40. The company's stock had a trading volume of 16,850,864 shares, compared to its average volume of 17,871,085. The firm's fifty day moving average price is $2.65 and its two-hundred day moving average price is $5.25. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. Wolfspeed, Inc. has a 12-month low of $0.82 and a 12-month high of $30.86. The company has a market capitalization of $217.10 million, a P/E ratio of -0.18 and a beta of 1.29.

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

Analysts Set New Price Targets

WOLF has been the subject of several research reports. Piper Sandler reduced their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group dropped their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Finally, Citigroup reaffirmed a "sell" rating and issued a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a report on Friday, May 9th. Five investment 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 data from MarketBeat, Wolfspeed currently has an average rating of "Hold" and an average price target of $11.15.

Insider Activity

In other 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 completion of the transaction, the chief financial officer now directly owns 195,257 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.84% of the company's stock.

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.