Vestmark Advisory Solutions Inc. Decreases Stock Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Posted by on Apr 1st, 2023

Vestmark Advisory Solutions Inc. trimmed its position in shares of Wolfspeed, Inc. (NYSE:WOLF – Get Rating) by 6.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,492 shares of the company’s stock after selling 1,402 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Wolfspeed were worth $1,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Ethic Inc. purchased a new stake in shares of Wolfspeed during the 3rd quarter worth $338,000. Aigen Investment Management LP acquired a new stake in Wolfspeed during the third quarter worth about $306,000. Point72 Asset Management L.P. acquired a new stake in Wolfspeed during the third quarter worth about $14,666,000. Teza Capital Management LLC acquired a new stake in Wolfspeed during the third quarter worth about $629,000. Finally, PDT Partners LLC acquired a new stake in Wolfspeed during the second quarter worth about $1,054,000.

Wolfspeed Stock Up 2.2 %

Shares of NYSE WOLF opened at $64.95 on Friday. The company has a quick ratio of 3.97, a current ratio of 4.61 and a debt-to-equity ratio of 0.62. Wolfspeed, Inc. has a 12-month low of $58.07 and a 12-month high of $125.48. The company has a market cap of $8.08 billion, a price-to-earnings ratio of -53.24 and a beta of 1.55. The firm’s 50-day simple moving average is $72.61 and its 200 day simple moving average is $83.13.

Wolfspeed (NYSE:WOLF – Get Rating) last announced its quarterly earnings results on Wednesday, January 25th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Wolfspeed had a negative return on equity of 4.40% and a negative net margin of 18.90%. The company had revenue of $216.10 million during the quarter, compared to analysts’ expectations of $225.62 million. On average, research analysts expect that Wolfspeed, Inc. will post -0.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WOLF. Morgan Stanley lowered their price target on Wolfspeed from $88.00 to $80.00 in a research note on Thursday, January 26th. BMO Capital Markets reduced their target price on Wolfspeed from $85.00 to $80.00 and set a “market perform” rating on the stock in a research report on Thursday, January 26th. Susquehanna Bancshares began coverage on Wolfspeed in a research report on Monday, December 12th. They issued a “neutral” rating and a $90.00 target price on the stock. Susquehanna reduced their target price on Wolfspeed from $90.00 to $88.00 and set a “neutral” rating on the stock in a research report on Thursday, January 26th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $90.00 to $80.00 in a research report on Wednesday, January 11th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed has a consensus rating of “Moderate Buy” and a consensus price target of $98.65.

About Wolfspeed

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Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.

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Institutional Ownership by Quarter for Wolfspeed (NYSE:WOLF)

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