Oak Harbor Wealth Partners LLC Sells 909 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Oak Harbor Wealth Partners LLC lowered its stake in Wolfspeed, Inc. (NYSE:WOLF) by 3.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 23,422 shares of the company’s stock after selling 909 shares during the quarter. Oak Harbor Wealth Partners LLC’s holdings in Wolfspeed were worth $1,019,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. State of Michigan Retirement System raised its stake in Wolfspeed by 1.0% during the 4th quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock valued at $1,306,000 after purchasing an additional 300 shares during the period. DekaBank Deutsche Girozentrale raised its stake in Wolfspeed by 2.8% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 11,573 shares of the company’s stock valued at $435,000 after purchasing an additional 317 shares during the period. Independence Bank of Kentucky raised its stake in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after purchasing an additional 350 shares during the period. Fox Run Management L.L.C. raised its stake in Wolfspeed by 3.4% during the 3rd quarter. Fox Run Management L.L.C. now owns 13,407 shares of the company’s stock valued at $511,000 after purchasing an additional 437 shares during the period. Finally, Capital Investment Advisory Services LLC raised its stake in Wolfspeed by 6.1% during the 4th quarter. Capital Investment Advisory Services LLC now owns 8,665 shares of the company’s stock valued at $377,000 after purchasing an additional 500 shares during the period.

Wolfspeed Stock Down 8.8 %

Shares of WOLF traded down $2.45 during trading hours on Thursday, hitting $25.33. The company had a trading volume of 1,704,139 shares, compared to its average volume of 4,669,647. The company has a market capitalization of $3.19 billion, a PE ratio of -4.05 and a beta of 1.64. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. Wolfspeed, Inc. has a one year low of $20.63 and a one year high of $70.42. The company’s fifty day moving average price is $26.10 and its two-hundred day moving average price is $31.41.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.82) by $0.03. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. The company had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.49 million. As a group, equities analysts forecast that Wolfspeed, Inc. will post -3.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on WOLF shares. Roth Mkm reissued a “buy” rating and set a $50.00 target price on shares of Wolfspeed in a research note on Tuesday, April 30th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Citigroup reduced their price objective on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Mizuho reduced their price objective on Wolfspeed from $30.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, Piper Sandler reduced their price objective on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $36.29.

About Wolfspeed

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.