South Dakota Investment Council Grows Position in Wolfspeed, Inc. (NYSE:WOLF)

South Dakota Investment Council raised its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 5.5% during the fourth quarter, according to its most recent filing with the SEC. 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 owned 0.17% of Wolfspeed worth $9,354,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Independence Bank of Kentucky increased its position in Wolfspeed by 97.0% during the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock valued at $31,000 after buying an additional 350 shares in the last quarter. Rakuten Securities Inc. acquired a new position in shares of Wolfspeed during the fourth quarter valued at about $48,000. GAMMA Investing LLC purchased a new position in shares of Wolfspeed in the 4th quarter valued at approximately $56,000. Aspire Private Capital LLC acquired a new stake in Wolfspeed in the 3rd quarter worth approximately $76,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in Wolfspeed by 26.9% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,205 shares of the company’s stock worth $83,000 after purchasing an additional 468 shares in the last quarter.

Insider Activity

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of Wolfspeed stock in a transaction on 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 transaction, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on WOLF. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. JPMorgan Chase & Co. reduced their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. Piper Sandler dropped their target price on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Mizuho initiated coverage on Wolfspeed in a research report on Friday, April 5th. They set a “neutral” rating and a $30.00 price target on the stock. Finally, Susquehanna cut their target price on shares of Wolfspeed from $35.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Wolfspeed has an average rating of “Hold” and an average target price of $41.88.

Wolfspeed Trading Up 6.6 %

Shares of WOLF stock traded up $1.50 during mid-day trading on Wednesday, reaching $24.07. The company’s stock had a trading volume of 3,462,967 shares, compared to its average volume of 4,778,622. Wolfspeed, Inc. has a 12-month low of $21.85 and a 12-month high of $70.42. The company’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. The firm has a market capitalization of $3.03 billion, a PE ratio of -4.00 and a beta of 1.66.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping 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 business had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. On average, research analysts predict that Wolfspeed, Inc. will post -3.05 EPS for the current fiscal 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.