Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Hartline Investment Corp

Hartline Investment Corp reduced its position in Wolfspeed, Inc. (NYSE:WOLF) by 28.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,369 shares of the company’s stock after selling 8,042 shares during the quarter. Hartline Investment Corp’s holdings in Wolfspeed were worth $886,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Envestnet Asset Management Inc. raised its stake in shares of Wolfspeed by 234.5% during the third quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock worth $6,405,000 after purchasing an additional 117,848 shares during the last quarter. Vanguard Group Inc. raised its position in Wolfspeed by 1.5% in the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after acquiring an additional 188,236 shares in the last quarter. Boston Partners purchased a new position in Wolfspeed in the third quarter worth $2,032,000. UBS Group AG raised its position in Wolfspeed by 57.5% in the third quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after acquiring an additional 80,011 shares in the last quarter. Finally, UniSuper Management Pty Ltd raised its position in Wolfspeed by 86.7% in the third quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock worth $26,816,000 after acquiring an additional 326,810 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on WOLF shares. Deutsche Bank Aktiengesellschaft cut their price objective on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research report on Tuesday. Susquehanna dropped their price target on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday. Piper Sandler dropped their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. JPMorgan Chase & Co. dropped their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Finally, Mizuho started coverage on Wolfspeed in a research report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $41.88.

Wolfspeed Trading Up 8.5 %

NYSE:WOLF traded up $1.91 during mid-day trading on Wednesday, reaching $24.48. The company’s stock had a trading volume of 5,249,530 shares, compared to its average volume of 4,802,964. The company’s fifty day simple moving average is $26.71 and its two-hundred day simple moving average is $32.45. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. Wolfspeed, Inc. has a twelve month low of $21.85 and a twelve month high of $70.42. The stock has a market cap of $3.08 billion, a P/E ratio of -4.00 and a beta of 1.66.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The firm had revenue of $208.40 million for the quarter, compared to analyst estimates of $205.94 million. On average, equities analysts predict that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insider Activity

In other news, Director Darren R. Jackson acquired 10,000 shares of Wolfspeed stock in a transaction dated Friday, February 2nd. The shares were acquired at an average cost of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now directly owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.85% of the company’s stock.

Wolfspeed 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.