Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its position in Wolfspeed, Inc. (NYSE:WOLF) by 37.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,801 shares of the company’s stock after selling 23,792 shares during the period. Amalgamated Bank’s holdings in Wolfspeed were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in WOLF. Iridian Asset Management LLC CT boosted its stake in Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after purchasing an additional 397,057 shares during the last quarter. Lazard Asset Management LLC boosted its position in Wolfspeed by 292,375.0% during the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock worth $2,070,000 after acquiring an additional 70,170 shares during the last quarter. Rheos Capital Works Inc. boosted its position in Wolfspeed by 140.8% during the third quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock worth $4,147,000 after acquiring an additional 250,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares during the last quarter. Finally, Boston Partners purchased a new position in Wolfspeed in the 1st quarter worth approximately $1,621,000.

Wolfspeed Trading Down 11.8 %

WOLF opened at $6.70 on Monday. The business has a fifty day moving average price of $10.81 and a 200 day moving average price of $17.34. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. Wolfspeed, Inc. has a 12 month low of $6.69 and a 12 month high of $47.43. The stock has a market capitalization of $855.66 million, a price-to-earnings ratio of -1.13 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last released its 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). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The firm had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. Sell-side analysts expect that Wolfspeed, Inc. will post -4.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on WOLF shares. Mizuho lowered Wolfspeed from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. Canaccord Genuity Group dropped their target price on Wolfspeed from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 7th. New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, Morgan Stanley increased their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $17.36.

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.