Vontobel Holding Ltd. Grows Holdings in Wolfspeed (NYSE:WOLF)

Vontobel Holding Ltd. increased its holdings in shares of Wolfspeed (NYSE:WOLF - Free Report) by 321.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 276,222 shares of the company's stock after buying an additional 210,644 shares during the period. Vontobel Holding Ltd. owned 0.22% of Wolfspeed worth $845,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Wolfspeed by 1.9% in the fourth 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 during the period. Primecap Management Co. CA boosted its position in Wolfspeed by 2.7% during the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company's stock worth $43,418,000 after buying an additional 169,984 shares during the period. Neuberger Berman Group LLC boosted its position in Wolfspeed by 4.3% during the 4th quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company's stock worth $16,701,000 after buying an additional 104,042 shares during the period. Frontier Capital Management Co. LLC boosted its position in Wolfspeed by 94.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock worth $13,658,000 after buying an additional 995,020 shares during the period. Finally, Voloridge Investment Management LLC boosted its position in Wolfspeed by 0.7% during the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company's stock worth $12,759,000 after buying an additional 12,660 shares during the period.

Insider Transactions at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the firm's 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 sale, the chief financial officer directly owned 195,257 shares in the company, valued at $779,075.43. This trade represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.84% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on WOLF shares. JPMorgan Chase & Co. restated an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. Citigroup restated a "sell" rating and set a $3.00 price target (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. The Goldman Sachs Group cut their price objective 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, Piper Sandler cut their price target 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. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $11.15.

Wolfspeed Stock Up 10.0%

NYSE:WOLF traded up $0.23 during mid-day trading on Tuesday, hitting $2.54. The company had a trading volume of 252,469,853 shares, compared to its average volume of 40,720,723. Wolfspeed has a 1 year low of $0.39 and a 1 year high of $25.49. The firm has a market capitalization of $395.30 million, a price-to-earnings ratio of -0.30 and a beta of 1.09. The company has a current ratio of 4.64, a quick ratio of 3.90 and a debt-to-equity ratio of 30.65. The business has a fifty day simple moving average of $2.01 and a 200-day simple moving average of $4.08.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced 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 return on equity of 103.97% and a negative net margin of 146.43%. The firm had revenue of $185.40 million for the quarter, compared to analysts' expectations of $190.03 million. During the same quarter in the previous year, the company earned ($0.62) earnings per share. The firm's quarterly revenue was down 7.6% compared to the same quarter last year. Equities analysts forecast that Wolfspeed will post -4 earnings per share for the current fiscal year.

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.