Wolfspeed, Inc. $WOLF Shares Sold by Caitong International Asset Management Co. Ltd

Caitong International Asset Management Co. Ltd reduced its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 98.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,782 shares of the company’s stock after selling 295,531 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Wolfspeed were worth $66,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Andar Capital Management HK Ltd acquired a new stake in shares of Wolfspeed during the third quarter worth $48,000. Eastern Bank acquired a new stake in shares of Wolfspeed during the fourth quarter worth $46,000. Capital Investment Advisory Services LLC lifted its stake in shares of Wolfspeed by 13.3% during the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock worth $264,000 after buying an additional 1,783 shares during the period. Polymer Capital Management HK LTD acquired a new stake in shares of Wolfspeed during the third quarter worth $582,000. Finally, Mariner Investment Group LLC acquired a new stake in shares of Wolfspeed during the third quarter worth $715,000.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Trading Down 5.8%

Shares of NYSE WOLF opened at $42.88 on Friday. Wolfspeed, Inc. has a 12 month low of $8.05 and a 12 month high of $80.82. The company has a 50 day simple moving average of $43.27 and a two-hundred day simple moving average of $27.16. The stock has a market cap of $2.23 billion and a price-to-earnings ratio of -4.06.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating the consensus estimate of ($3.78) by $0.52. The business had revenue of $150.20 million for the quarter, compared to analyst estimates of $150.00 million. During the same quarter in the previous year, the firm posted ($0.72) earnings per share. The business’s revenue was down 19.0% on a year-over-year basis.

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.