Alberta Investment Management Corp Takes Position in Wolfspeed, Inc. (NYSE:WOLF)

Alberta Investment Management Corp acquired a new stake in Wolfspeed, Inc. (NYSE:WOLF - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 250,560 shares of the company's stock, valued at approximately $1,669,000. Alberta Investment Management Corp owned 0.20% of Wolfspeed at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Creative Planning purchased a new position in Wolfspeed during the third quarter worth about $224,000. Eastern Bank purchased a new position in shares of Wolfspeed during the third quarter worth about $27,000. Louisiana State Employees Retirement System grew its holdings in shares of Wolfspeed by 70.8% during the third quarter. Louisiana State Employees Retirement System now owns 60,800 shares of the company's stock worth $590,000 after purchasing an additional 25,200 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Wolfspeed by 430.5% in the third quarter. State of Alaska Department of Revenue now owns 71,819 shares of the company's stock worth $696,000 after purchasing an additional 58,282 shares during the last quarter. Finally, Semanteon Capital Management LP raised its stake in Wolfspeed by 136.6% in the third quarter. Semanteon Capital Management LP now owns 122,444 shares of the company's stock valued at $1,188,000 after purchasing an additional 70,699 shares in the last quarter.

Wall Street Analyst Weigh In

WOLF has been the subject of a number of research reports. Roth Mkm cut their price target on shares of Wolfspeed from $25.00 to $20.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. Piper Sandler cut their target price on shares of Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, January 30th. Mizuho lowered their price target on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating on the stock in a research report on Tuesday, November 19th. Bank of America cut their price objective on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a report on Thursday, January 30th. Finally, Susquehanna decreased their price objective on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Wolfspeed presently has an average rating of "Hold" and a consensus price target of $14.86.

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Wolfspeed Trading Down 8.8 %

Wolfspeed stock traded down $0.56 during trading hours on Tuesday, reaching $5.78. The stock had a trading volume of 9,727,784 shares, compared to its average volume of 19,067,295. The company has a fifty day simple moving average of $6.41 and a 200-day simple moving average of $9.05. Wolfspeed, Inc. has a 52 week low of $4.66 and a 52 week high of $30.86. The stock has a market cap of $737.53 million, a PE ratio of -0.75 and a beta of 1.43. The company has a debt-to-equity ratio of 17.26, a current ratio of 3.15 and a quick ratio of 2.47.

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