Louisiana State Employees Retirement System Purchases Shares of 35,200 Wolfspeed, Inc. (NYSE:WOLF)

Louisiana State Employees Retirement System bought a new position in Wolfspeed, Inc. (NYSE:WOLF - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 35,200 shares of the company's stock, valued at approximately $1,532,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its position in Wolfspeed by 234.5% in the third quarter. Envestnet Asset Management Inc. now owns 168,103 shares of the company's stock worth $6,405,000 after acquiring an additional 117,848 shares in the last quarter. Vanguard Group Inc. boosted its position in Wolfspeed by 1.5% during the third quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company's stock valued at $475,171,000 after buying an additional 188,236 shares during the period. Boston Partners purchased a new stake in Wolfspeed during the third quarter valued at about $2,032,000. UBS Group AG boosted its position in Wolfspeed by 57.5% during the third quarter. UBS Group AG now owns 219,080 shares of the company's stock valued at $8,347,000 after buying an additional 80,011 shares during the period. Finally, UniSuper Management Pty Ltd boosted its position in Wolfspeed by 86.7% during the third quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company's stock valued at $26,816,000 after buying an additional 326,810 shares during the period.

Insiders Place Their Bets

In related news, Director Darren R. Jackson acquired 10,000 shares of the stock in a transaction on Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the acquisition, the director now directly owns 49,021 shares of the company's stock, valued at approximately $1,264,741.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.62% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Wells Fargo & Company restated an "equal weight" rating and set a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. cut their price target on shares of Wolfspeed from $43.00 to $35.00 and set a "neutral" rating for the company in a research report on Thursday, April 11th. Piper Sandler cut their price target on shares of Wolfspeed from $55.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, February 1st. Mizuho assumed coverage on shares of Wolfspeed in a research report on Friday, April 5th. They set a "neutral" rating and a $30.00 price target for the company. Finally, Susquehanna reiterated a "neutral" rating and set a $35.00 target price on shares of Wolfspeed in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Wolfspeed presently has an average rating of "Hold" and an average target price of $43.63.

Wolfspeed Stock Down 6.5 %

WOLF traded down $1.54 on Friday, hitting $22.18. The company had a trading volume of 5,955,126 shares, compared to its average volume of 3,375,623. The company has a debt-to-equity ratio of 4.50, a current ratio of 5.13 and a quick ratio of 4.58. Wolfspeed, Inc. has a 52-week low of $22.16 and a 52-week high of $70.42. The stock has a fifty day simple moving average of $26.93 and a 200-day simple moving average of $32.59. The firm has a market capitalization of $2.79 billion, a P/E ratio of -3.65 and a beta of 1.66.

Wolfspeed (NYSE:WOLF - Get Free Report) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The business had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. As a group, equities analysts expect that Wolfspeed, Inc. will post -3.05 EPS for the current fiscal 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.