Caitong International Asset Management Co. Ltd Sells 291,242 Shares of Wolfspeed, Inc. $WOLF

Caitong International Asset Management Co. Ltd lessened its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 97.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 8,071 shares of the company’s stock after selling 291,242 shares during the quarter. Caitong International Asset Management Co. Ltd’s holdings in Wolfspeed were worth $141,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in WOLF. Yaupon Capital Management LP bought a new stake in shares of Wolfspeed during the 4th quarter valued at about $7,834,000. Summit Securities Group LLC raised its stake in Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares in the last quarter. Cinctive Capital Management LP bought a new stake in Wolfspeed during the fourth quarter valued at approximately $176,000. Ardsley Advisory Partners LP bought a new stake in Wolfspeed during the fourth quarter valued at approximately $2,873,000. Finally, Renesas Electronics America Inc. purchased a new position in Wolfspeed in the 4th quarter worth approximately $293,400,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WOLF. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Trading Down 0.6%

Shares of NYSE WOLF opened at $57.09 on Monday. The stock’s 50-day moving average is $46.57 and its 200 day moving average is $28.30. The stock has a market cap of $2.97 billion and a price-to-earnings ratio of -5.41. Wolfspeed, Inc. has a 1-year low of $8.05 and a 1-year high of $80.82.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. During the same period in the prior year, the company earned ($0.72) EPS. The firm’s quarterly revenue was down 19.0% compared to the same quarter last year.

About Wolfspeed

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.