Oak Harbor Wealth Partners LLC Trims Position in Wolfspeed, Inc. (NYSE:WOLF)

Oak Harbor Wealth Partners LLC trimmed its stake in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 97.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,615 shares of the company's stock after selling 609,563 shares during the quarter. Oak Harbor Wealth Partners LLC's holdings in Wolfspeed were worth $104,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. South Dakota Investment Council grew its holdings in shares of Wolfspeed by 26.4% during the 4th quarter. South Dakota Investment Council now owns 717,482 shares of the company's stock valued at $4,778,000 after purchasing an additional 149,648 shares during the last quarter. Public Sector Pension Investment Board bought a new position in shares of Wolfspeed during the 3rd quarter worth about $2,590,000. Primecap Management Co. CA increased its stake in Wolfspeed by 5.0% during the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company's stock valued at $61,587,000 after purchasing an additional 303,870 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Wolfspeed by 41.4% in the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock valued at $5,748,000 after purchasing an additional 173,409 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Wolfspeed by 225.0% during the third quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company's stock valued at $959,000 after purchasing an additional 68,423 shares in the last quarter.

Wolfspeed Trading Down 3.2 %

Wolfspeed stock traded down $0.18 during midday trading on Wednesday, reaching $5.26. The stock had a trading volume of 16,738,233 shares, compared to its average volume of 10,302,800. The company has a fifty day moving average of $6.01 and a 200 day moving average of $8.50. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The firm has a market cap of $671.13 million, a price-to-earnings ratio of -0.68 and a beta of 1.50. Wolfspeed, Inc. has a 52-week low of $4.66 and a 52-week high of $30.86.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. On average, analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Canaccord Genuity Group reduced their target price on shares of Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Bank of America decreased their price objective on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a report on Thursday, January 30th. Susquehanna lowered their price target on shares of Wolfspeed from $11.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, January 22nd. Piper Sandler decreased their price target on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 30th. Finally, The Goldman Sachs Group reduced their price objective on Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Three 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 MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price 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.