South Dakota Investment Council Has $4.87 Million Stock Holdings in Wolfspeed (NYSE:WOLF)

South Dakota Investment Council increased its position in shares of Wolfspeed (NYSE:WOLF - Free Report) by 121.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,591,056 shares of the company's stock after purchasing an additional 873,574 shares during the quarter. South Dakota Investment Council owned 1.25% of Wolfspeed worth $4,869,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of WOLF. Frontier Capital Management Co. LLC boosted its stake in Wolfspeed by 94.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company's stock worth $13,658,000 after buying an additional 995,020 shares during the last quarter. SG Americas Securities LLC boosted its stake in Wolfspeed by 422.0% during the first quarter. SG Americas Securities LLC now owns 533,965 shares of the company's stock worth $1,634,000 after buying an additional 431,680 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Wolfspeed by 38.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company's stock worth $8,040,000 after buying an additional 335,966 shares during the last quarter. Vanguard Group Inc. boosted its stake in Wolfspeed by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company's stock worth $106,056,000 after buying an additional 299,304 shares during the last quarter. Finally, Yaupon Capital Management LP acquired a new position in Wolfspeed during the fourth quarter worth $1,924,000.

Wolfspeed Stock Up 29.9%

Shares of NYSE WOLF traded up $0.43 during mid-day trading on Wednesday, reaching $1.85. The company had a trading volume of 98,220,407 shares, compared to its average volume of 28,476,451. Wolfspeed has a twelve month low of $0.39 and a twelve month high of $21.89. The company has a debt-to-equity ratio of 30.65, a quick ratio of 3.90 and a current ratio of 4.64. The stock has a market capitalization of $287.13 million, a PE ratio of -0.22 and a beta of 1.09. The stock's 50 day moving average is $1.52 and its 200-day moving average is $3.68.

Wolfspeed (NYSE:WOLF - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.10. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The business had revenue of $185.40 million during the quarter, compared to analysts' expectations of $190.03 million. During the same quarter last year, the company earned ($0.62) earnings per share. The firm's revenue was down 7.6% on a year-over-year basis. As a group, equities analysts anticipate that Wolfspeed will post -4 earnings per share for the current fiscal year.

Insider Transactions at Wolfspeed

In related news, CFO Neill Reynolds sold 13,909 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $3.99, for a total value of $55,496.91. Following the sale, the chief financial officer directly owned 195,257 shares of the company's stock, valued at approximately $779,075.43. The trade was a 6.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

WOLF has been the topic of several research reports. Citigroup reissued a "sell" rating and set a $3.00 target price (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Wolfspeed in a research note on Friday, May 9th. Piper Sandler cut their price target on Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Finally, The Goldman Sachs Group cut their price target on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.15.

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.