IQ EQ FUND MANAGEMENT IRELAND Ltd Sells 27,107 Shares of Wolfspeed, Inc. (NYSE:WOLF)

IQ EQ FUND MANAGEMENT IRELAND Ltd reduced its position in Wolfspeed, Inc. (NYSE:WOLF) by 63.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,826 shares of the company’s stock after selling 27,107 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Wolfspeed were worth $105,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Wolfspeed by 38.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock valued at $8,040,000 after purchasing an additional 335,966 shares in the last quarter. South Dakota Investment Council raised its stake in Wolfspeed by 26.4% in the fourth quarter. South Dakota Investment Council now owns 717,482 shares of the company’s stock worth $4,778,000 after buying an additional 149,648 shares in the last quarter. Primecap Management Co. CA lifted its holdings in Wolfspeed by 2.7% during the fourth quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock worth $43,418,000 after buying an additional 169,984 shares during the period. Public Sector Pension Investment Board bought a new stake in Wolfspeed during the 3rd quarter valued at $2,590,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company’s stock valued at $5,748,000 after acquiring an additional 173,409 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on WOLF. StockNews.com raised Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Piper Sandler lowered their price target on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Bank of America reduced their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group lowered their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Finally, Susquehanna reduced their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.86.

Wolfspeed Price Performance

Shares of NYSE:WOLF opened at $2.61 on Friday. Wolfspeed, Inc. has a twelve month low of $2.54 and a twelve month high of $30.86. 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 company has a market cap of $332.69 million, a PE ratio of -0.34 and a beta of 1.50. The company’s 50 day moving average is $5.82 and its 200 day moving average is $8.12.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data 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 return on equity of 70.84% and a negative net margin of 125.96%. On average, sell-side analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current 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.