Wolfspeed, Inc. (NYSE:WOLF) is JANA Partners Management LP's 9th Largest Position

JANA Partners Management LP cut its holdings in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 19.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,988,216 shares of the company's stock after selling 1,177,717 shares during the period. Wolfspeed comprises about 1.6% of JANA Partners Management LP's holdings, making the stock its 9th largest position. JANA Partners Management LP owned 3.91% of Wolfspeed worth $33,222,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Jones Financial Companies Lllp lifted its position in Wolfspeed by 1,240.6% in 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 acquired a new stake in shares of Wolfspeed during the fourth quarter worth about $28,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of 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 last quarter. KBC Group NV boosted its position in shares of Wolfspeed by 76.5% in 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 period. Finally, Allworth Financial LP grew its stake in 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 buying an additional 1,949 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Bank of America lowered their target price on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research report on Thursday, January 30th. StockNews.com raised shares of Wolfspeed to a "sell" rating in a research report on Monday, January 6th. The Goldman Sachs Group reduced their target price on shares of Wolfspeed from $15.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Canaccord Genuity Group lowered their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, January 30th. Finally, Susquehanna reduced their price objective on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $12.17.

Wolfspeed Price Performance

Shares of WOLF stock traded up $0.88 during mid-day trading on Friday, reaching $4.48. The stock had a trading volume of 79,770,981 shares, compared to its average volume of 14,045,032. Wolfspeed, Inc. has a 12-month low of $2.06 and a 12-month high of $30.86. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The business has a 50-day simple moving average of $4.04 and a 200 day simple moving average of $6.87. The company has a market cap of $572.15 million, a P/E ratio of -0.58 and a beta of 1.69.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. On average, sell-side analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the firm's stock in a transaction dated 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 now directly owns 195,257 shares of the company's stock, valued at $779,075.43. This trade represents a 6.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.84% of the stock is owned by insiders.

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.