South Dakota Investment Council Raises Stake in Wolfspeed (NYSE:WOLF)

South Dakota Investment Council grew its holdings in shares of Wolfspeed (NYSE:WOLF - Free Report) by 121.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,591,056 shares of the company's stock after buying 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.

Other large investors also recently bought and sold shares of the company. Beacon Capital Management LLC acquired a new position in Wolfspeed during the 1st quarter valued at approximately $31,000. Wealthfront Advisers LLC acquired a new position in shares of Wolfspeed during the first quarter valued at $32,000. SBI Securities Co. Ltd. grew its position in shares of Wolfspeed by 39.7% during the first quarter. SBI Securities Co. Ltd. now owns 15,592 shares of the company's stock worth $48,000 after acquiring an additional 4,429 shares during the last quarter. Sterling Capital Management LLC increased its holdings in shares of Wolfspeed by 51.4% in the 4th quarter. Sterling Capital Management LLC now owns 7,463 shares of the company's stock worth $50,000 after acquiring an additional 2,533 shares during the period. Finally, Ballentine Partners LLC bought a new stake in Wolfspeed in the 1st quarter valued at about $50,000.

Wolfspeed Stock Performance

NYSE:WOLF traded up $0.13 on Friday, hitting $1.52. The company's stock had a trading volume of 26,382,554 shares, compared to its average volume of 28,116,924. The company has a debt-to-equity ratio of 30.65, a current ratio of 4.64 and a quick ratio of 3.90. The stock has a fifty day moving average of $1.60 and a two-hundred day moving average of $3.75. Wolfspeed has a one year low of $0.39 and a one year high of $21.89.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share for the quarter, topping analysts' consensus estimates of ($0.82) by $0.10. The company had revenue of $185.40 million during the quarter, compared to the consensus estimate of $190.03 million. Wolfspeed had a negative net margin of 146.43% and a negative return on equity of 103.97%. The firm's quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.62) EPS. Research analysts expect that Wolfspeed will post -4 earnings per share for the current fiscal year.

Insider Buying and Selling at Wolfspeed

In other Wolfspeed news, CFO Neill Reynolds sold 13,909 shares of the stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $3.99, for a total transaction of $55,496.91. Following the completion of the sale, the chief financial officer directly owned 195,257 shares in the company, valued at approximately $779,075.43. This trade represents a 6.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Wolfspeed in a report on Friday, May 9th. The Goldman Sachs Group dropped their price objective on Wolfspeed from $15.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Citigroup reaffirmed 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. Finally, Piper Sandler dropped their price target on shares of Wolfspeed from $10.00 to $6.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of "Hold" and an average target price of $11.15.

Wolfspeed Company 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.