Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 54.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,528 shares of the company’s stock after selling 30,398 shares during the quarter. Hsbc Holdings PLC’s holdings in Wolfspeed were worth $578,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in WOLF. New York State Teachers Retirement System raised its stake in Wolfspeed by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 143,499 shares of the company’s stock valued at $4,233,000 after acquiring an additional 500 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of Wolfspeed by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 54,998 shares of the company’s stock valued at $2,393,000 after purchasing an additional 540 shares during the period. TFO Wealth Partners LLC increased its holdings in shares of Wolfspeed by 57,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock valued at $25,000 after purchasing an additional 574 shares during the period. Green Alpha Advisors LLC raised its stake in shares of Wolfspeed by 2.6% during the first quarter. Green Alpha Advisors LLC now owns 26,142 shares of the company’s stock valued at $771,000 after purchasing an additional 662 shares in the last quarter. Finally, Seven Eight Capital LP lifted its holdings in Wolfspeed by 0.5% in the first quarter. Seven Eight Capital LP now owns 125,954 shares of the company’s stock worth $3,716,000 after purchasing an additional 675 shares during the period.

Wolfspeed Trading Down 4.8 %

Wolfspeed stock opened at $9.70 on Tuesday. Wolfspeed, Inc. has a 52 week low of $7.28 and a 52 week high of $47.43. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -1.50 and a beta of 1.52. The company has a 50 day moving average price of $11.97 and a 200 day moving average price of $20.83.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The business had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. Research analysts forecast that Wolfspeed, Inc. will post -3.84 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Susquehanna lowered their target price on shares of Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Piper Sandler lowered their price objective on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 22nd. Canaccord Genuity Group cut their target price on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. New Street Research cut Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group lowered their target price on Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $24.53.

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.