Hardman Johnston Global Advisors LLC Lowers Stock Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Hardman Johnston Global Advisors LLC cut its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 4.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 254,271 shares of the company’s stock after selling 12,390 shares during the period. Hardman Johnston Global Advisors LLC owned approximately 0.20% of Wolfspeed worth $2,466,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Mather Group LLC. lifted its holdings in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after purchasing an additional 933 shares during the period. Eastern Bank acquired a new stake in shares of Wolfspeed in the 3rd quarter worth $27,000. GAMMA Investing LLC boosted its holdings in shares of Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares in the last quarter. Signaturefd LLC increased its stake in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after purchasing an additional 691 shares in the last quarter.

Wolfspeed Price Performance

WOLF stock opened at $12.87 on Wednesday. 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 stock’s 50 day moving average price is $10.90 and its 200 day moving average price is $18.26. The firm has a market cap of $1.63 billion, a P/E ratio of -1.85 and a beta of 1.46. Wolfspeed, Inc. has a 1 year low of $7.28 and a 1 year high of $47.43.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.03). The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. On average, sell-side analysts expect that Wolfspeed, Inc. will post -4.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Susquehanna lowered their price objective on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Piper Sandler dropped their price objective on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, August 22nd. The Goldman Sachs Group decreased their target price on shares of Wolfspeed from $48.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. New Street Research cut shares of Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research note on Wednesday, August 7th. Finally, Mizuho cut shares of Wolfspeed from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $17.00 to $8.00 in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and a consensus target price of $22.43.

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.