South Dakota Investment Council Purchases 11,200 Shares of Wolfspeed, Inc. (NYSE:WOLF)

South Dakota Investment Council grew its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 5.5% during the 4th quarter, Holdings Channel reports. The firm owned 214,989 shares of the company’s stock after purchasing an additional 11,200 shares during the period. South Dakota Investment Council’s holdings in Wolfspeed were worth $9,354,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Envestnet Asset Management Inc. lifted its holdings in Wolfspeed by 234.5% in the third quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company’s stock valued at $6,405,000 after buying an additional 117,848 shares during the period. Vanguard Group Inc. raised its position in shares of Wolfspeed by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after acquiring an additional 188,236 shares during the last quarter. Boston Partners acquired a new position in shares of Wolfspeed in the 3rd quarter valued at $2,032,000. UBS Group AG boosted its position in shares of Wolfspeed by 57.5% in the 3rd quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after purchasing an additional 80,011 shares during the last quarter. Finally, UniSuper Management Pty Ltd grew its stake in shares of Wolfspeed by 86.7% during the third quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock worth $26,816,000 after purchasing an additional 326,810 shares during the period.

Analyst Ratings Changes

A number of equities analysts have issued reports on WOLF shares. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 target price (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Mizuho began coverage on shares of Wolfspeed in a research note on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price for the company. Piper Sandler reduced their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $41.88.

Wolfspeed Stock Up 6.6 %

Shares of NYSE:WOLF traded up $1.50 during mid-day trading on Wednesday, reaching $24.07. 3,462,967 shares of the stock were exchanged, compared to its average volume of 4,778,622. The company has a market cap of $3.03 billion, a P/E ratio of -4.00 and a beta of 1.66. The stock’s 50 day simple moving average is $26.71 and its 200-day simple moving average is $32.45. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. Wolfspeed, Inc. has a one year low of $21.85 and a one year high of $70.42.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The company had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. As a group, equities research analysts predict that Wolfspeed, Inc. will post -3.05 EPS for the current year.

Insiders Place Their Bets

In related news, Director Darren R. Jackson acquired 10,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was bought at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the acquisition, the director now directly owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.85% 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.