DekaBank Deutsche Girozentrale Boosts Holdings in Wolfspeed, Inc. (NYSE:WOLF)

DekaBank Deutsche Girozentrale grew its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 418.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,000 shares of the company’s stock after purchasing an additional 48,427 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Wolfspeed were worth $2,704,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Arizona State Retirement System increased its stake in shares of Wolfspeed by 3.1% in the fourth quarter. Arizona State Retirement System now owns 35,016 shares of the company’s stock worth $1,524,000 after buying an additional 1,057 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Wolfspeed by 28.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 36,353 shares of the company’s stock worth $1,582,000 after buying an additional 8,000 shares during the last quarter. Independence Bank of Kentucky increased its stake in shares of Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after buying an additional 350 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of Wolfspeed by 1.0% in the fourth quarter. State of Michigan Retirement System now owns 30,022 shares of the company’s stock worth $1,306,000 after buying an additional 300 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. increased its stake in shares of Wolfspeed by 438.9% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after buying an additional 1,165,600 shares during the last quarter.

Wolfspeed Price Performance

Shares of Wolfspeed stock opened at $26.26 on Friday. The company has a current ratio of 5.13, a quick ratio of 4.58 and a debt-to-equity ratio of 4.50. The company’s 50-day moving average price is $27.20 and its two-hundred day moving average price is $33.09. Wolfspeed, Inc. has a 52 week low of $23.54 and a 52 week high of $70.42. The stock has a market cap of $3.30 billion, a PE ratio of -4.32 and a beta of 1.66.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results 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 firm had revenue of $208.40 million for the quarter, compared to analysts’ expectations of $205.94 million. As a group, sell-side analysts anticipate that Wolfspeed, Inc. will post -3.05 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wells Fargo & Company restated an “equal weight” rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday. Susquehanna reaffirmed a “neutral” rating and issued a $35.00 price objective on shares of Wolfspeed in a report on Monday, April 8th. Piper Sandler decreased their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, February 1st. Finally, Mizuho initiated coverage on shares of Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $43.63.

Insiders Place Their Bets

In other Wolfspeed news, Director Darren R. Jackson purchased 10,000 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, the director now owns 49,021 shares in the company, valued at $1,264,741.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by company insiders.

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.