Texas Permanent School Fund Corp Buys 25,296 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Texas Permanent School Fund Corp boosted its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 23.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 135,262 shares of the company’s stock after acquiring an additional 25,296 shares during the quarter. Texas Permanent School Fund Corp owned about 0.11% of Wolfspeed worth $3,079,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in WOLF. Norges Bank bought a new position in shares of Wolfspeed during the fourth quarter valued at approximately $308,701,000. Cibc World Markets Corp bought a new position in shares of Wolfspeed during the fourth quarter valued at approximately $34,808,000. Vanguard Group Inc. grew its stake in shares of Wolfspeed by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,079,067 shares of the company’s stock valued at $385,832,000 after buying an additional 449,732 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in shares of Wolfspeed by 15.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock valued at $114,261,000 after buying an additional 352,609 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Wolfspeed by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after buying an additional 147,527 shares during the last quarter.

Wolfspeed Stock Up 8.3 %

Wolfspeed stock opened at $8.72 on Monday. The business has a fifty day moving average of $15.25 and a two-hundred day moving average of $22.30. The company has a quick ratio of 3.85, a current ratio of 4.51 and a debt-to-equity ratio of 6.99. The firm has a market cap of $1.10 billion, a P/E ratio of -1.35 and a beta of 1.52. Wolfspeed, Inc. has a twelve month low of $7.28 and a twelve month high of $47.43.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The business had revenue of $200.70 million for the quarter, compared to analysts’ expectations of $201.11 million. On average, analysts forecast that Wolfspeed, Inc. will post -3.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

WOLF has been the topic of a number of analyst reports. TD Cowen cut their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Mizuho cut their target price on Wolfspeed from $28.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Bank of America lowered their price target on Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Canaccord Genuity Group lowered their price target on Wolfspeed from $45.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, New Street Research lowered Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target for the company. in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average target price of $24.53.

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.