Louisiana State Employees Retirement System Boosts Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Louisiana State Employees Retirement System raised its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 70.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 60,800 shares of the company’s stock after acquiring an additional 25,200 shares during the period. Louisiana State Employees Retirement System’s holdings in Wolfspeed were worth $590,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Eastern Bank purchased a new stake in Wolfspeed in the 3rd quarter valued at about $27,000. Everence Capital Management Inc. purchased a new stake in Wolfspeed in the 3rd quarter valued at about $193,000. Slow Capital Inc. grew its holdings in Wolfspeed by 53.2% in the 3rd quarter. Slow Capital Inc. now owns 210,496 shares of the company’s stock valued at $2,042,000 after buying an additional 73,107 shares during the period. Rheos Capital Works Inc. grew its holdings in Wolfspeed by 140.8% in the 3rd quarter. Rheos Capital Works Inc. now owns 427,500 shares of the company’s stock valued at $4,147,000 after buying an additional 250,000 shares during the period. Finally, Vontobel Holding Ltd. lifted its stake in shares of Wolfspeed by 5.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock valued at $364,000 after purchasing an additional 1,835 shares in the last quarter.

Wall Street Analyst Weigh In

WOLF has been the subject of a number of research reports. TD Cowen decreased their target price on Wolfspeed from $25.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Susquehanna decreased their target price on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft decreased their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 22nd. Piper Sandler decreased their target price on Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 22nd. Finally, Oppenheimer reiterated a “market perform” rating on shares of Wolfspeed in a report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and an average price target of $22.43.

Wolfspeed Stock Performance

WOLF stock opened at $12.87 on Wednesday. The company has a current ratio of 4.51, a quick ratio of 3.85 and a debt-to-equity ratio of 6.99. The firm has a market cap of $1.63 billion, a P/E ratio of -1.86 and a beta of 1.46. Wolfspeed, Inc. has a 12-month low of $7.28 and a 12-month high of $47.43. The stock’s 50 day simple moving average is $10.88 and its 200 day simple moving average is $18.33.

Wolfspeed (NYSE:WOLF) last issued its earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. The company had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. As a group, equities research analysts predict that Wolfspeed, Inc. will post -4.07 EPS for the current year.

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.