Artisan Partners Limited Partnership Sells 90,294 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Artisan Partners Limited Partnership lessened its stake in Wolfspeed, Inc. (NYSE:WOLF) by 2.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,630,268 shares of the company’s stock after selling 90,294 shares during the quarter. Artisan Partners Limited Partnership owned 2.84% of Wolfspeed worth $24,178,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Jones Financial Companies Lllp raised its holdings in Wolfspeed by 1,240.6% in the 4th quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock worth $26,000 after acquiring an additional 3,548 shares during the last quarter. R Squared Ltd purchased a new position in shares of Wolfspeed in the fourth quarter worth $28,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Wolfspeed by 192.0% during the fourth 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 in the last quarter. KBC Group NV boosted its position in shares of Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock valued at $40,000 after buying an additional 2,629 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in Wolfspeed by 38.1% in 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 in the last quarter.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Canaccord Genuity Group dropped their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Susquehanna dropped their target price on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Piper Sandler dropped their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Finally, StockNews.com raised Wolfspeed to a “sell” rating in a report on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Wolfspeed currently has an average rating of “Hold” and an average price target of $14.86.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $2.61 on Friday. The company has a market capitalization of $332.69 million, a P/E ratio of -0.34 and a beta of 1.50. Wolfspeed, Inc. has a 1-year low of $2.54 and a 1-year high of $30.86. The firm’s 50 day simple moving average is $5.82 and its two-hundred day simple moving average is $8.12. 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) last issued its earnings results 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 return on equity of 70.84% and a negative net margin of 125.96%. Research analysts expect that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

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.