Granite Point Capital Management L.P. Has $310,000 Stake in Wolfspeed, Inc. (NYSE:WOLF)

Granite Point Capital Management L.P. lowered its holdings in shares of Wolfspeed, Inc. (NYSE:WOLFGet Rating) by 50.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,000 shares of the company’s stock after selling 3,000 shares during the period. Granite Point Capital Management L.P.’s holdings in Wolfspeed were worth $310,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of WOLF. Handelsbanken Fonder AB lifted its position in shares of Wolfspeed by 104.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 646,554 shares of the company’s stock worth $66,828,000 after buying an additional 330,582 shares during the period. Hardman Johnston Global Advisors LLC grew its holdings in shares of Wolfspeed by 15.9% in the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 507,402 shares of the company’s stock worth $52,445,000 after purchasing an additional 69,540 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Wolfspeed by 38,868.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 446,972 shares of the company’s stock worth $46,198,000 after purchasing an additional 445,825 shares in the last quarter. Barclays PLC lifted its holdings in Wolfspeed by 180.1% during the 3rd quarter. Barclays PLC now owns 407,799 shares of the company’s stock valued at $42,150,000 after purchasing an additional 262,221 shares during the last quarter. Finally, Raymond James & Associates boosted its position in Wolfspeed by 4.4% in the third quarter. Raymond James & Associates now owns 235,642 shares of the company’s stock valued at $24,356,000 after buying an additional 9,905 shares in the last quarter.

Wolfspeed Trading Down 4.8 %

NYSE:WOLF opened at $81.61 on Wednesday. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of -62.30 and a beta of 1.46. Wolfspeed, Inc. has a 1-year low of $58.07 and a 1-year high of $125.48. The business’s 50-day moving average price is $79.67 and its two-hundred day moving average price is $93.32. The company has a current ratio of 4.61, a quick ratio of 3.97 and a debt-to-equity ratio of 0.62.

Wolfspeed (NYSE:WOLFGet Rating) last announced its quarterly earnings results on Wednesday, October 26th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.01). The firm had revenue of $241.30 million during the quarter, compared to analyst estimates of $239.76 million. Wolfspeed had a negative net margin of 18.90% and a negative return on equity of 4.40%. On average, equities analysts expect that Wolfspeed, Inc. will post -0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Duy Loan T. Le purchased 2,000 shares of the firm’s stock in a transaction dated Friday, November 18th. The stock was bought at an average price of $91.04 per share, with a total value of $182,080.00. Following the acquisition, the director now directly owns 29,662 shares of the company’s stock, valued at $2,700,428.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Wolfspeed news, Director Duy Loan T. Le purchased 2,000 shares of the company’s stock in a transaction dated Friday, November 18th. The shares were bought at an average price of $91.04 per share, with a total value of $182,080.00. Following the completion of the transaction, the director now directly owns 29,662 shares in the company, valued at approximately $2,700,428.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Duy Loan T. Le acquired 1,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The shares were acquired at an average price of $77.26 per share, for a total transaction of $77,260.00. Following the acquisition, the director now directly owns 25,662 shares in the company, valued at $1,982,646.12. The disclosure for this purchase can be found here. Company insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

WOLF has been the subject of several recent analyst reports. Citigroup dropped their price objective on shares of Wolfspeed from $115.00 to $100.00 and set a “buy” rating for the company in a report on Friday, November 4th. Evercore ISI dropped their price target on Wolfspeed to $115.00 in a report on Tuesday, November 15th. Cowen reduced their price objective on Wolfspeed from $125.00 to $100.00 and set an “outperform” rating on the stock in a research note on Thursday, October 27th. Canaccord Genuity Group lowered their target price on Wolfspeed from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Tuesday, November 1st. Finally, Susquehanna began coverage on shares of Wolfspeed in a research report on Monday, December 12th. They set a “neutral” rating and a $90.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $102.67.

Wolfspeed Company Profile

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Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies Europe, China, the United States, Japan, South Korea, 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.

Further Reading

Institutional Ownership by Quarter for Wolfspeed (NYSE:WOLF)

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