Wolfspeed, Inc. $WOLF Shares Sold by Firsthand Capital Management Inc.

Firsthand Capital Management Inc. reduced its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 95.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 7,348 shares of the company’s stock after selling 172,652 shares during the period. Firsthand Capital Management Inc.’s holdings in Wolfspeed were worth $210,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Andar Capital Management HK Ltd purchased a new stake in shares of Wolfspeed in the 3rd quarter valued at $48,000. Mariner Investment Group LLC purchased a new position in Wolfspeed during the 3rd quarter valued at about $715,000. Schonfeld Strategic Advisors LLC purchased a new position in Wolfspeed during the 3rd quarter valued at about $735,000. Anson Funds Management LP acquired a new position in Wolfspeed in the 3rd quarter valued at about $1,235,000. Finally, TENOR CAPITAL MANAGEMENT Co. L.P. acquired a new position in Wolfspeed in the 3rd quarter valued at about $1,845,000.

Wolfspeed Price Performance

WOLF stock opened at $16.75 on Monday. The firm has a market capitalization of $755.21 million and a P/E ratio of -2.38. The business’s 50-day moving average is $18.37 and its two-hundred day moving average is $17.97. Wolfspeed, Inc. has a 1 year low of $8.05 and a 1 year high of $36.60.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). During the same period last year, the business earned ($0.95) earnings per share. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. On average, analysts expect that Wolfspeed, Inc. will post -4 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on WOLF shares. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Piper Sandler restated an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Monday, December 29th. Susquehanna reduced their target price on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Finally, Zacks Research raised shares of Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.