Wolfspeed, Inc. $WOLF Shares Sold by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its Wolfspeed stake by 99.9% in Q3, selling 4,537,292 shares and leaving just 4,013 shares worth $115,000.
• Wolfspeed reported a large quarterly earnings miss—($6.11) EPS vs. ($0.74) expected—with revenue down 6.6% year-over-year and analysts projecting roughly -$4 EPS for the fiscal year.
• Analyst sentiment is negative overall: MarketBeat shows a consensus rating of “Reduce” with a $14.33 price target, alongside mixed broker notes (1 Buy, 2 Hold, 3 Sell) and a 52-week range of $8.05–$36.60.

JPMorgan Chase & Co. trimmed its stake in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 99.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,013 shares of the company's stock after selling 4,537,292 shares during the period. JPMorgan Chase & Co.'s holdings in Wolfspeed were worth $115,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $8,560,000. Polymer Capital Management HK LTD acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $582,000. Qube Research & Technologies Ltd acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $4,322,000. Militia Capital Partners LP acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $744,000. Finally, Anson Funds Management LP acquired a new stake in shares of Wolfspeed during the 3rd quarter valued at approximately $1,235,000.

Wolfspeed Price Performance

Shares of WOLF opened at $25.50 on Friday. The firm has a 50 day simple moving average of $18.83 and a 200-day simple moving average of $20.58. Wolfspeed, Inc. has a 1-year low of $8.05 and a 1-year high of $36.60. The stock has a market cap of $1.15 billion and a price-to-earnings ratio of -3.62.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.74) by ($5.37). During the same period last year, the firm earned ($0.95) EPS. The firm's revenue for the quarter was down 6.6% on a year-over-year basis. On average, equities analysts expect that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on WOLF shares. Piper Sandler reiterated an "overweight" rating and set a $20.00 price target (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Wall Street Zen downgraded shares of Wolfspeed from a "hold" rating to a "sell" rating in a research report on Saturday, February 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Wolfspeed in a research report on Friday, March 27th. Zacks Research upgraded shares of Wolfspeed to a "hold" rating in a research report on Monday, February 9th. Finally, Susquehanna reduced their price target on shares of Wolfspeed from $30.00 to $20.00 and set a "neutral" rating for the company in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $14.33.

Wolfspeed Company Profile

Wolfspeed, Inc NYSE: WOLF is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company's product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.

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