Hsbc Holdings PLC Has $851,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

Hsbc Holdings PLC lessened its position in Wolfspeed, Inc. (NYSE:WOLF) by 54.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,553 shares of the company’s stock after selling 23,541 shares during the period. Hsbc Holdings PLC’s holdings in Wolfspeed were worth $851,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Wolfspeed in the 4th quarter valued at about $308,701,000. FengHe Fund Management Pte. Ltd. grew its position in shares of Wolfspeed by 438.9% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock valued at $62,272,000 after buying an additional 1,165,600 shares during the last quarter. JANA Partners Management LP bought a new stake in shares of Wolfspeed in the 3rd quarter valued at about $35,662,000. Polar Capital Holdings Plc bought a new stake in shares of Wolfspeed in the 3rd quarter valued at about $16,200,000. Finally, UniSuper Management Pty Ltd grew its position in shares of Wolfspeed by 86.7% in the 3rd quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock valued at $26,816,000 after buying an additional 326,810 shares during the last quarter.

Wolfspeed Stock Down 9.8 %

Shares of Wolfspeed stock traded down $2.55 on Thursday, hitting $23.56. The company had a trading volume of 18,360,033 shares, compared to its average volume of 4,932,014. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of -3.85 and a beta of 1.64. Wolfspeed, Inc. has a 1 year low of $20.63 and a 1 year high of $70.42. The stock has a 50 day moving average of $26.62 and a 200-day moving average of $32.17. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.10. The firm 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%. As a group, sell-side analysts forecast that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on WOLF shares. Canaccord Genuity Group reduced their price target on Wolfspeed from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday. TD Cowen lowered Wolfspeed from a “buy” rating to a “hold” rating and cut their target price for the company from $40.00 to $25.00 in a research report on Thursday. Deutsche Bank Aktiengesellschaft cut their target price on Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a research report on Tuesday, April 23rd. Citigroup cut their target price on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, William Blair lowered Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.27.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was bought at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the transaction, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.62% of the company’s stock.

Wolfspeed 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.