Firsthand Capital Management Inc. Trims Holdings in Wolfspeed, Inc. $WOLF

Firsthand Capital Management Inc. lowered its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 95.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,348 shares of the company’s stock after selling 172,652 shares during the period. Firsthand Capital Management Inc.’s holdings in Wolfspeed were worth $210,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in WOLF. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Wolfspeed in the 2nd quarter worth $34,000. Canada Pension Plan Investment Board acquired a new position in shares of Wolfspeed during the 2nd quarter valued at about $34,000. Marex Group plc purchased a new stake in shares of Wolfspeed in the second quarter valued at about $44,000. Panagora Asset Management Inc. grew its holdings in shares of Wolfspeed by 709.4% in the second quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock valued at $45,000 after purchasing an additional 99,740 shares during the period. Finally, WINTON GROUP Ltd acquired a new stake in Wolfspeed during the second quarter worth about $47,000.

Wolfspeed Trading Down 1.3%

Shares of WOLF opened at $16.75 on Monday. The company’s 50-day moving average price is $18.37 and its 200 day moving average price is $17.97. Wolfspeed, Inc. has a 12-month low of $8.05 and a 12-month high of $36.60. The firm has a market cap of $755.21 million and a P/E ratio of -2.38.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 28th. The company reported ($6.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same period in the prior year, the firm earned ($0.95) EPS. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. Equities research analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Susquehanna decreased their price objective on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Finally, Zacks Research upgraded Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Reduce” and a consensus target price of $12.75.

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.