Bank of New York Mellon Corp Has $5.05 Million Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Bank of New York Mellon Corp reduced its stake in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 39.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 758,343 shares of the company's stock after selling 497,640 shares during the period. Bank of New York Mellon Corp owned approximately 0.59% of Wolfspeed worth $5,051,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. R Squared Ltd bought a new stake in shares of Wolfspeed during the 4th quarter worth approximately $28,000. KBC Group NV lifted its stake in Wolfspeed by 76.5% during 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 last quarter. Allworth Financial LP boosted its holdings in shares of Wolfspeed by 38.1% in the 4th quarter. Allworth Financial LP now owns 7,060 shares of the company's stock valued at $44,000 after purchasing an additional 1,949 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Wolfspeed by 66.6% in the 4th quarter. GAMMA Investing LLC now owns 7,569 shares of the company's stock valued at $50,000 after purchasing an additional 3,025 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Wolfspeed during the 4th quarter worth $52,000.

Wolfspeed Trading Up 9.7 %

NYSE:WOLF traded up $0.56 on Friday, reaching $6.30. 18,964,582 shares of the stock traded hands, compared to its average volume of 10,690,202. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. Wolfspeed, Inc. has a 1-year low of $4.66 and a 1-year high of $30.86. The company's 50 day moving average is $5.86 and its 200-day moving average is $8.26. The firm has a market capitalization of $803.95 million, a price-to-earnings ratio of -0.82 and a beta of 1.50.

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Wolfspeed (NYSE:WOLF - Get Free Report) last posted 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 return on equity of 70.84% and a negative net margin of 125.96%. Equities research analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

WOLF has been the topic of a number of recent analyst reports. Susquehanna decreased their target price on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 22nd. Bank of America lowered their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research report on Thursday, January 30th. Piper Sandler cut their target price on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, January 30th. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, January 30th. Finally, StockNews.com upgraded Wolfspeed to a "sell" rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $14.86.

About Wolfspeed

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.