Hartline Investment Corp Sells 8,042 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Hartline Investment Corp trimmed its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 28.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,369 shares of the company’s stock after selling 8,042 shares during the period. Hartline Investment Corp’s holdings in Wolfspeed were worth $886,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State of Michigan Retirement System raised its position in shares of Wolfspeed by 1.0% during the fourth quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock worth $1,306,000 after purchasing an additional 300 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Wolfspeed by 2.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 11,573 shares of the company’s stock worth $435,000 after purchasing an additional 317 shares during the period. Independence Bank of Kentucky raised its position in shares of Wolfspeed by 97.0% during the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the period. Fox Run Management L.L.C. raised its position in shares of Wolfspeed by 3.4% during the third quarter. Fox Run Management L.L.C. now owns 13,407 shares of the company’s stock worth $511,000 after purchasing an additional 437 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Wolfspeed by 26.9% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,205 shares of the company’s stock worth $83,000 after purchasing an additional 468 shares during the period.

Insiders Place Their Bets

In related news, Director Darren R. Jackson bought 10,000 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was acquired at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the purchase, the director now directly owns 49,021 shares in the company, valued at $1,264,741.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is owned by corporate insiders.

Wolfspeed Stock Performance

Shares of WOLF stock traded up $1.91 on Wednesday, hitting $24.48. 5,249,530 shares of the stock were exchanged, compared to its average volume of 4,802,964. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The firm has a market capitalization of $3.08 billion, a PE ratio of -4.00 and a beta of 1.66. Wolfspeed, Inc. has a one year low of $21.85 and a one year high of $70.42. The firm’s 50 day moving average is $26.71 and its two-hundred day moving average is $32.45.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.10. The company had revenue of $208.40 million during the quarter, compared to the consensus estimate of $205.94 million. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. Sell-side analysts expect that Wolfspeed, Inc. will post -3.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Susquehanna lowered their target price on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Mizuho initiated coverage on Wolfspeed in a research report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered their price target on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research report on Tuesday. Finally, Piper Sandler lowered their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $41.88.

Wolfspeed Company Profile

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.