Principal Financial Group Inc. Purchases 173,409 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Principal Financial Group Inc. increased its position in shares of Wolfspeed, Inc. (NYSE:WOLF - Free Report) by 41.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 592,599 shares of the company's stock after purchasing an additional 173,409 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of Wolfspeed worth $5,748,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Mather Group LLC. grew its holdings in shares of Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company's stock worth $27,000 after purchasing an additional 933 shares during the last quarter. Eastern Bank acquired a new stake in Wolfspeed in the 3rd quarter valued at about $27,000. GAMMA Investing LLC raised its stake in shares of Wolfspeed by 416.4% in the third quarter. GAMMA Investing LLC now owns 4,544 shares of the company's stock worth $44,000 after acquiring an additional 3,664 shares during the last quarter. Signaturefd LLC lifted its position in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company's stock worth $48,000 after purchasing an additional 1,544 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in shares of Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company's stock valued at $52,000 after purchasing an additional 691 shares during the last quarter.

Wolfspeed Stock Performance

WOLF stock opened at $6.44 on Thursday. Wolfspeed, Inc. has a 1-year low of $6.27 and a 1-year high of $47.43. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. The firm has a market cap of $822.47 million, a PE ratio of -1.08 and a beta of 1.46. The business's 50-day moving average price is $10.74 and its two-hundred day moving average price is $17.01.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.03). Wolfspeed had a negative return on equity of 49.86% and a negative net margin of 93.31%. The business had revenue of $200.70 million for the quarter, compared to analyst estimates of $201.11 million. As a group, research analysts forecast that Wolfspeed, Inc. will post -4.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on WOLF shares. JPMorgan Chase & Co. reduced their price objective on Wolfspeed from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Susquehanna decreased their price target on Wolfspeed from $16.00 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. Roth Mkm dropped their price objective on Wolfspeed from $25.00 to $20.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Bank of America cut their target price on shares of Wolfspeed from $25.00 to $15.00 and set an "underperform" rating on the stock in a research report on Friday, August 23rd. Finally, Mizuho lowered their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "underperform" rating for the company in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $17.21.

About Wolfspeed

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.