Sugar Maple Asset Management LLC Decreases Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Sugar Maple Asset Management LLC trimmed its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 33.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,390 shares of the company’s stock after selling 7,330 shares during the period. Sugar Maple Asset Management LLC’s holdings in Wolfspeed were worth $96,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Two Sigma Advisers LP lifted its holdings in Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after buying an additional 2,189,500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after buying an additional 766,971 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Wolfspeed in the 3rd quarter valued at about $4,542,000. Iridian Asset Management LLC CT raised its stake in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock valued at $5,055,000 after purchasing an additional 397,057 shares in the last quarter. Finally, Samlyn Capital LLC raised its stake in shares of Wolfspeed by 51.6% in the 2nd quarter. Samlyn Capital LLC now owns 1,009,137 shares of the company’s stock valued at $22,968,000 after purchasing an additional 343,277 shares in the last quarter.

Insider Activity

In other Wolfspeed news, Director Glenda Dorchak bought 3,592 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average cost of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Darren R. Jackson bought 36,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $6.76 per share, with a total value of $249,951.00. Following the completion of the purchase, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. The trade was a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 78,067 shares of company stock worth $524,747 over the last three months. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Susquehanna cut their target price on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. JPMorgan Chase & Co. lowered their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Mizuho lowered their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research report on Tuesday, November 19th. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research report on Monday, January 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (down previously from $20.00) on shares of Wolfspeed in a research report on Thursday, November 7th. 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.07.

Wolfspeed Trading Down 7.5 %

Wolfspeed stock opened at $6.25 on Tuesday. The firm has a 50 day simple moving average of $7.64 and a 200-day simple moving average of $11.54. The company has a debt-to-equity ratio of 9.82, a current ratio of 3.14 and a quick ratio of 2.54. The stock has a market capitalization of $798.70 million, a PE ratio of -1.05 and a beta of 1.43. Wolfspeed, Inc. has a 12-month low of $4.66 and a 12-month high of $37.29.

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.