Maryland State Retirement & Pension System Sells 2,792 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Maryland State Retirement & Pension System lowered its stake in Wolfspeed, Inc. (NYSE:WOLF) by 5.4% in the 4th quarter, Holdings Channel reports. The firm owned 49,388 shares of the company’s stock after selling 2,792 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Wolfspeed were worth $329,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Jones Financial Companies Lllp boosted its position in shares of Wolfspeed by 1,240.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,834 shares of the company’s stock valued at $26,000 after acquiring an additional 3,548 shares during the period. R Squared Ltd bought a new position in Wolfspeed in the 4th quarter valued at $28,000. Steward Partners Investment Advisory LLC grew its position in shares of Wolfspeed by 192.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,429 shares of the company’s stock valued at $29,000 after purchasing an additional 2,912 shares in the last quarter. KBC Group NV increased its holdings in shares of Wolfspeed by 76.5% in the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 shares during the period. Finally, Allworth Financial LP raised its position in shares of Wolfspeed by 38.1% in the fourth quarter. Allworth Financial LP now owns 7,060 shares of the company’s stock worth $44,000 after buying an additional 1,949 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have weighed in on WOLF. Susquehanna decreased their target price on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Bank of America decreased their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a research report on Thursday, January 30th. Piper Sandler dropped their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group dropped their price objective on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.86.

Wolfspeed Trading Down 4.1 %

Shares of WOLF stock opened at $6.15 on Wednesday. The business has a 50-day moving average of $5.94 and a 200 day moving average of $8.19. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. Wolfspeed, Inc. has a 1-year low of $4.66 and a 1-year high of $30.86. The stock has a market capitalization of $785.43 million, a PE ratio of -0.80 and a beta of 1.50.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative return on equity of 70.84% and a negative net margin of 125.96%. As a group, sell-side analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current year.

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.