Iridian Asset Management LLC CT Has $5.44 Million Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Iridian Asset Management LLC CT lifted its position in Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 56.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 816,183 shares of the company's stock after purchasing an additional 295,025 shares during the quarter. Wolfspeed comprises about 1.4% of Iridian Asset Management LLC CT's holdings, making the stock its 25th biggest holding. Iridian Asset Management LLC CT owned approximately 0.64% of Wolfspeed worth $5,436,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Two Sigma Advisers LP raised its holdings in shares of Wolfspeed by 813.6% in the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company's stock valued at $23,848,000 after buying an additional 2,189,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Wolfspeed by 1,158.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company's stock valued at $8,082,000 after purchasing an additional 766,971 shares during the period. Erste Asset Management GmbH acquired a new position in shares of Wolfspeed in the third quarter valued at approximately $4,542,000. Yong Rong HK Asset Management Ltd purchased a new stake in Wolfspeed during the 3rd quarter worth approximately $2,988,000. Finally, Primecap Management Co. CA boosted its position in Wolfspeed by 5.0% in the 3rd quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company's stock valued at $61,587,000 after buying an additional 303,870 shares during the period.

Analyst Upgrades and Downgrades

WOLF has been the subject of several analyst reports. Bank of America lowered their price target on shares of Wolfspeed from $9.50 to $6.00 and set an "underperform" rating for the company in a report on Thursday, January 30th. Morgan Stanley increased their target price on Wolfspeed from $10.00 to $15.00 and gave the company an "equal weight" rating in a report on Wednesday, October 16th. StockNews.com raised Wolfspeed to a "sell" rating in a report on Monday, January 6th. Susquehanna cut their target price on Wolfspeed from $11.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 22nd. Finally, Canaccord Genuity Group lowered their price target on Wolfspeed from $18.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, January 30th. Three equities research 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's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.86.

Wolfspeed Trading Down 2.5 %

Shares of NYSE WOLF traded down $0.14 during trading on Tuesday, hitting $5.29. 6,294,465 shares of the company traded hands, compared to its average volume of 17,962,596. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26. The firm has a market capitalization of $674.95 million, a P/E ratio of -0.69 and a beta of 1.43. The company has a 50-day moving average price of $6.98 and a 200-day moving average price of $9.76. Wolfspeed, Inc. has a 1 year low of $4.66 and a 1 year high of $30.87.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly 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 return on equity of 70.84% and a negative net margin of 125.96%. On average, equities analysts predict that Wolfspeed, Inc. will post -4.15 EPS for the current year.

Insider Activity

In related news, Director Darren R. Jackson acquired 36,975 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now directly owns 85,996 shares in the company, valued at $581,332.96. This represents a 75.43 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Thomas H. Werner bought 37,500 shares of the firm's stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, with a total value of $244,875.00. Following the transaction, the chairman now owns 108,549 shares in the company, valued at $708,824.97. The trade was a 52.78 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by insiders.

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.