Oak Harbor Wealth Partners LLC Sells 609,563 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Oak Harbor Wealth Partners LLC lowered its stake in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 97.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund 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 quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. South Dakota Investment Council lifted its position in Wolfspeed by 26.4% in the fourth 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 purchased a new position in shares of Wolfspeed during the third quarter valued at approximately $2,590,000. Primecap Management Co. CA increased its stake in shares of Wolfspeed by 5.0% during the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company's stock valued at $61,587,000 after buying an additional 303,870 shares during the period. Principal Financial Group Inc. increased its stake in shares of Wolfspeed by 41.4% during the third quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock valued at $5,748,000 after buying an additional 173,409 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake 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 buying an additional 68,423 shares during the period.

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Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group reduced their target price on Wolfspeed from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, January 30th. Mizuho decreased their price objective on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a report on Tuesday, November 19th. Canaccord Genuity Group lowered their price target 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 dropped their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating on the stock in a research note on Thursday, January 30th. Finally, Piper Sandler dropped their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating on the stock in a research note on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Wolfspeed has a consensus rating of "Hold" and an average price target of $14.86.

Wolfspeed Stock Performance

WOLF stock traded up $0.91 during midday trading on Friday, reaching $5.95. 31,633,879 shares of the company's stock traded hands, compared to its average volume of 10,196,347. Wolfspeed, Inc. has a 52-week low of $4.66 and a 52-week high of $30.86. The stock has a market cap of $759.25 million, a P/E ratio of -0.77 and a beta of 1.50. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The stock's 50-day moving average is $6.06 and its 200 day moving average is $8.61.

Wolfspeed (NYSE:WOLF - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported ($1.10) EPS 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%. As a group, analysts anticipate that Wolfspeed, Inc. will post -4 EPS for the current year.

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.