Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by JANA Partners Management LP

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jones Financial Companies Lllp increased 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 worth $26,000 after purchasing an additional 3,548 shares during the period. R Squared Ltd acquired a new stake in Wolfspeed in the fourth quarter worth about $28,000. Steward Partners Investment Advisory LLC increased its position in Wolfspeed by 192.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company's stock worth $29,000 after purchasing an additional 2,912 shares during the period. KBC Group NV increased its position in Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company's stock worth $40,000 after purchasing an additional 2,629 shares during the period. Finally, Allworth Financial LP increased its position in Wolfspeed by 38.1% in the fourth 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.

Analyst Ratings Changes

A number of brokerages recently weighed in on WOLF. StockNews.com upgraded shares of Wolfspeed to a "sell" rating in a research report on Monday, January 6th. Susquehanna reduced their price target on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd. Piper Sandler reduced their price target on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, January 30th. Bank of America reduced their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a report on Thursday, January 30th. Finally, The Goldman Sachs Group reduced their price target 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. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $13.15.

Wolfspeed Price Performance

Shares of WOLF opened at $4.15 on Tuesday. The firm has a market capitalization of $530.01 million, a PE ratio of -0.54 and a beta of 1.69. The company's 50-day moving average is $4.26 and its 200-day moving average is $7.10. Wolfspeed, Inc. has a fifty-two week low of $2.06 and a fifty-two week high of $30.86. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current 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.

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