Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 65.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,400 shares of the company's stock after selling 155,336 shares during the quarter. Retirement Systems of Alabama owned 0.06% of Wolfspeed worth $780,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Eastern Bank purchased a new position in shares of Wolfspeed during the 3rd quarter valued at about $27,000. GAMMA Investing LLC raised its stake in shares of Wolfspeed by 416.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock valued at $44,000 after buying an additional 3,664 shares during the last quarter. Signaturefd LLC raised its stake in shares of Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company's stock valued at $48,000 after buying an additional 1,544 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company's stock valued at $69,000 after buying an additional 2,885 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Wolfspeed during the 2nd quarter valued at about $75,000.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Chairman Thomas H. Werner bought 37,500 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the transaction, the chairman now directly owns 108,549 shares of the company's stock, valued at $708,824.97. This trade represents a 52.78 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Darren R. Jackson bought 36,975 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the transaction, the director now directly owns 85,996 shares of the company's stock, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 78,067 shares of company stock worth $524,747 in the last 90 days. Insiders own 0.84% of the company's stock.

Wolfspeed Trading Up 0.6 %

Shares of NYSE WOLF traded up $0.04 during trading on Friday, hitting $7.04. 12,028,409 shares of the company were exchanged, compared to its average volume of 7,414,939. The company has a fifty day moving average price of $10.62 and a 200-day moving average price of $14.49. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The firm has a market capitalization of $899.10 million, a PE ratio of -1.18 and a beta of 1.38. Wolfspeed, Inc. has a 12-month low of $6.10 and a 12-month high of $47.43.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Piper Sandler reiterated an "overweight" rating and set a $18.00 price objective (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Susquehanna dropped their target price on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. dropped their target price on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating on the stock in a research report on Thursday, November 7th. Morgan Stanley raised their target price on Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group dropped their target price on Wolfspeed from $22.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $17.21.

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.