Nan Shan Life Insurance Co. Ltd. Sells 107,754 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Nan Shan Life Insurance Co. Ltd. lowered its position in Wolfspeed, Inc. (NYSE:WOLF) by 23.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 359,848 shares of the company’s stock after selling 107,754 shares during the quarter. Nan Shan Life Insurance Co. Ltd. owned about 0.28% of Wolfspeed worth $2,397,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in WOLF. Gotham Asset Management LLC grew its stake in shares of Wolfspeed by 102.8% during the fourth quarter. Gotham Asset Management LLC now owns 51,761 shares of the company’s stock valued at $345,000 after buying an additional 26,241 shares during the last quarter. Ground Swell Capital LLC lifted its stake in shares of Wolfspeed by 25.6% in the 4th quarter. Ground Swell Capital LLC now owns 12,827 shares of the company’s stock valued at $85,000 after purchasing an additional 2,611 shares during the period. Frontier Capital Management Co. LLC grew its position in shares of Wolfspeed by 94.2% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock worth $13,658,000 after buying an additional 995,020 shares during the period. Centiva Capital LP bought a new stake in shares of Wolfspeed in the 4th quarter worth approximately $394,000. Finally, Aequim Alternative Investments LP increased its holdings in shares of Wolfspeed by 109.4% during the fourth quarter. Aequim Alternative Investments LP now owns 412,179 shares of the company’s stock valued at $2,745,000 after acquiring an additional 215,343 shares in the last quarter.

Wolfspeed Stock Performance

Wolfspeed stock opened at $3.85 on Wednesday. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47. The firm’s fifty day moving average price is $3.81 and its 200 day moving average price is $6.31. The company has a market capitalization of $491.70 million, a price-to-earnings ratio of -0.50 and a beta of 1.62. Wolfspeed, Inc. has a 12-month low of $2.06 and a 12-month high of $30.86.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.10. The business had revenue of $185.40 million during the quarter, compared to the consensus estimate of $190.03 million. Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. The business’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.62) earnings per share. On average, research analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total transaction of $55,496.91. Following the sale, the chief financial officer now directly owns 195,257 shares of the company’s stock, valued at approximately $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. Bank of America cut their price objective on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Wolfspeed in a research note on Friday, May 9th. Citigroup reaffirmed a “sell” rating and issued a $3.00 price objective (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Canaccord Genuity Group reduced their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Finally, Piper Sandler dropped their target price on Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $11.15.

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.