Vontobel Holding Ltd. Acquires 210,644 Shares of Wolfspeed (NYSE:WOLF)

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

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake 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 during the period. Primecap Management Co. CA increased its stake in shares of Wolfspeed by 2.7% in the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company's stock valued at $43,418,000 after buying an additional 169,984 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Wolfspeed by 4.3% in the 4th quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company's stock valued at $16,701,000 after buying an additional 104,042 shares during the period. Frontier Capital Management Co. LLC increased its stake in shares of Wolfspeed by 94.2% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock valued at $13,658,000 after buying an additional 995,020 shares during the period. Finally, Voloridge Investment Management LLC increased its stake 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 buying an additional 12,660 shares during the period.

Wolfspeed Stock Up 97.5%

Shares of Wolfspeed stock traded up $1.15 during trading on Monday, reaching $2.33. The stock had a trading volume of 459,376,511 shares, compared to its average volume of 25,053,112. Wolfspeed has a 52 week low of $0.39 and a 52 week high of $25.49. The company has a market capitalization of $362.61 million, a price-to-earnings ratio of -0.28 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 stock has a fifty day moving average price of $2.04 and a two-hundred day moving average price of $4.12.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share (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 business had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. During the same quarter in the prior year, the company posted ($0.62) earnings per share. Wolfspeed's revenue was down 7.6% on a year-over-year basis. Sell-side analysts predict that Wolfspeed will post -4 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. The Goldman Sachs Group decreased their price objective on Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Citigroup reaffirmed a "sell" rating and set a $3.00 price objective (down from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Finally, Piper Sandler reduced their target price on 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 given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $11.15.

Insider Transactions at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the company's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the sale, the chief financial officer owned 195,257 shares in the company, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.