South Dakota Investment Council Raises Stake in Wolfspeed, Inc. (NYSE:WOLF)

South Dakota Investment Council lifted its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 26.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 717,482 shares of the company’s stock after purchasing an additional 149,648 shares during the period. South Dakota Investment Council’s holdings in Wolfspeed were worth $4,778,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in WOLF. Two Sigma Advisers LP grew its position in Wolfspeed by 813.6% during the third 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 during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after acquiring an additional 766,971 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Wolfspeed during the 3rd quarter worth approximately $4,542,000. Iridian Asset Management LLC CT grew its holdings 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 worth $5,055,000 after acquiring an additional 397,057 shares during the period. Finally, Yong Rong HK Asset Management Ltd purchased a new position in Wolfspeed in the 3rd quarter valued at approximately $2,988,000.

Analyst Ratings Changes

WOLF has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Mizuho decreased their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Piper Sandler lowered their price objective on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Canaccord Genuity Group cut their price objective on Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Finally, Susquehanna cut their price objective on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Trading Down 9.0 %

Shares of WOLF opened at $6.81 on Monday. The stock has a fifty day moving average of $6.44 and a two-hundred day moving average of $9.11. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The company has a market capitalization of $869.07 million, a PE ratio of -0.89 and a beta of 1.43. Wolfspeed, Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $30.86.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. As a group, analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current year.

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.