Amalgamated Bank Reduces Position in Wolfspeed, Inc. (NYSE:WOLF)

Amalgamated Bank trimmed its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 7.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 63,593 shares of the company’s stock after selling 5,148 shares during the quarter. Amalgamated Bank owned approximately 0.05% of Wolfspeed worth $1,447,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Primecap Management Co. CA lifted its holdings in Wolfspeed by 15.3% during the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares in the last quarter. Cibc World Markets Corp purchased a new position in shares of Wolfspeed during the fourth quarter worth approximately $34,808,000. Vanguard Group Inc. raised its stake in shares of Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after acquiring an additional 449,732 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Wolfspeed by 30.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,581 shares of the company’s stock valued at $14,513,000 after purchasing an additional 149,093 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Wolfspeed by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after purchasing an additional 147,527 shares in the last quarter.

Wolfspeed Price Performance

Shares of WOLF stock opened at $9.21 on Friday. Wolfspeed, Inc. has a fifty-two week low of $7.28 and a fifty-two week high of $47.43. 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 firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -1.42 and a beta of 1.52. The stock’s 50-day simple moving average is $12.43 and its 200-day simple moving average is $21.17.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The company had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. As a group, equities analysts forecast that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Piper Sandler lowered their target price on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 22nd. Oppenheimer reaffirmed a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. TD Cowen cut their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” 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 for the company. in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $24.53.

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.