South Dakota Investment Council Buys 149,648 Shares of Wolfspeed, Inc. (NYSE:WOLF)

South Dakota Investment Council boosted its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 26.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 717,482 shares of the company's stock after purchasing an additional 149,648 shares during the quarter. South Dakota Investment Council owned about 0.56% of Wolfspeed worth $4,778,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Iridian Asset Management LLC CT lifted its position in shares of Wolfspeed by 319.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company's stock worth $5,055,000 after acquiring an additional 397,057 shares during the period. Public Sector Pension Investment Board bought a new stake in shares of Wolfspeed in the 3rd quarter worth approximately $2,590,000. Primecap Management Co. CA lifted its position in shares of Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company's stock worth $61,587,000 after acquiring an additional 303,870 shares during the period. Principal Financial Group Inc. lifted its position in shares of Wolfspeed by 41.4% in the 3rd quarter. Principal Financial Group Inc. now owns 592,599 shares of the company's stock worth $5,748,000 after acquiring an additional 173,409 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in shares of Wolfspeed by 225.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company's stock worth $959,000 after acquiring an additional 68,423 shares during the period.

Analyst Ratings Changes

A number of brokerages have commented on WOLF. Canaccord Genuity Group reduced their price objective on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Piper Sandler cut their target price on Wolfspeed from $18.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, January 30th. Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a research report on Tuesday, November 19th. Bank of America cut their target price on Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a research report on Thursday, January 30th. Finally, The Goldman Sachs Group cut their target price on Wolfspeed from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $14.86.

Wolfspeed Price Performance

WOLF stock traded up $0.40 during midday trading on Wednesday, reaching $6.14. 14,706,904 shares of the company's stock traded hands, compared to its average volume of 19,099,674. The company has a 50-day simple moving average of $6.35 and a two-hundred day simple moving average of $8.99. Wolfspeed, Inc. has a 1-year low of $4.66 and a 1-year high of $30.86. The company has a market cap of $783.52 million, a price-to-earnings ratio of -0.80 and a beta of 1.43. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

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