Wolfspeed, Inc. (NYSE:WOLF) Holdings Cut by Select Equity Group L.P.

Select Equity Group L.P. cut its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 33.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,003,689 shares of the company’s stock after selling 513,094 shares during the quarter. Select Equity Group L.P. owned approximately 0.80% of Wolfspeed worth $22,844,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Lazard Asset Management LLC increased its holdings in shares of Wolfspeed by 292,375.0% during the first quarter. Lazard Asset Management LLC now owns 70,194 shares of the company’s stock valued at $2,070,000 after purchasing an additional 70,170 shares during the period. Vanguard Group Inc. lifted its stake in shares of Wolfspeed by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock worth $385,832,000 after acquiring an additional 449,732 shares during the period. Boston Partners bought a new position in shares of Wolfspeed in the first quarter valued at approximately $1,621,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Wolfspeed during the first quarter valued at approximately $245,000. Finally, Quadrature Capital Ltd raised its holdings in Wolfspeed by 205.7% during the first quarter. Quadrature Capital Ltd now owns 59,174 shares of the company’s stock worth $1,743,000 after purchasing an additional 39,820 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Piper Sandler lowered their price target on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 22nd. Morgan Stanley dropped their target price on shares of Wolfspeed from $23.00 to $15.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. Oppenheimer reissued a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. TD Cowen decreased their price target on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Finally, Canaccord Genuity Group reduced their price objective on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, Wolfspeed presently has an average rating of “Hold” and an average target price of $24.53.

Wolfspeed Stock Up 16.7 %

Wolfspeed stock opened at $9.21 on Friday. Wolfspeed, Inc. has a twelve month low of $7.28 and a twelve month high of $47.43. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. The firm has a market cap of $1.17 billion, a PE ratio of -1.42 and a beta of 1.52. The firm’s 50 day moving average price is $12.43 and its two-hundred day moving average price is $21.17.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The firm had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. On average, research analysts predict that Wolfspeed, Inc. will post -3.84 EPS for the current fiscal year.

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.