Wolfspeed, Inc. (NYSE:WOLF) Holdings Trimmed by Bridgefront Capital LLC

Bridgefront Capital LLC cut its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 34.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,945 shares of the company’s stock after selling 8,326 shares during the quarter. Bridgefront Capital LLC’s holdings in Wolfspeed were worth $106,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Wolfspeed by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock valued at $106,056,000 after buying an additional 299,304 shares in the last quarter. Primecap Management Co. CA increased its holdings in shares of Wolfspeed by 2.7% in the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock valued at $43,418,000 after purchasing an additional 169,984 shares during the period. Neuberger Berman Group LLC lifted its position in shares of Wolfspeed by 4.3% in the fourth quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company’s stock worth $16,701,000 after purchasing an additional 104,042 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Wolfspeed by 38.6% during the fourth 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. Finally, Iridian Asset Management LLC CT increased its stake in Wolfspeed by 56.6% in the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock valued at $5,436,000 after buying an additional 295,025 shares during the period.

Wolfspeed Stock Performance

WOLF opened at $3.27 on Friday. The stock’s 50 day simple moving average is $3.87 and its 200-day simple moving average is $6.52. 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 stock has a market cap of $417.62 million, a PE ratio of -0.43 and a beta of 1.62. Wolfspeed, Inc. has a 1 year low of $2.06 and a 1 year high of $30.86.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Piper Sandler decreased their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a research note on Friday. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Wolfspeed in a research report on Friday. The Goldman Sachs Group lowered their price target on Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Susquehanna cut their price objective on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 22nd. Finally, Bank of America decreased their target price on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and an average target price of $11.15.

Insider Buying and Selling at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the company’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer now owns 195,257 shares of the company’s stock, valued at $779,075.43. The trade was a 6.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.84% 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.