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

Louisiana State Employees Retirement System purchased a new position in Wolfspeed, Inc. (NYSE:WOLF) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 35,200 shares of the company’s stock, valued at approximately $1,532,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Perigon Wealth Management LLC lifted its holdings in Wolfspeed by 44.7% in the fourth quarter. Perigon Wealth Management LLC now owns 8,965 shares of the company’s stock worth $390,000 after acquiring an additional 2,771 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Wolfspeed by 0.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 106,024 shares of the company’s stock worth $4,613,000 after purchasing an additional 554 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Wolfspeed by 418.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 60,000 shares of the company’s stock valued at $2,704,000 after purchasing an additional 48,427 shares during the period. Arizona State Retirement System grew its stake in Wolfspeed by 3.1% during the 4th 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. Finally, China Universal Asset Management Co. Ltd. increased its position in 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 period.

Wolfspeed Trading Down 6.5 %

Shares of NYSE:WOLF opened at $22.18 on Friday. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. The stock’s 50-day moving average is $26.93 and its 200-day moving average is $32.61. The company has a market cap of $2.79 billion, a P/E ratio of -3.65 and a beta of 1.66. Wolfspeed, Inc. has a 52-week low of $22.16 and a 52-week high of $70.42.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The company had revenue of $208.40 million during the quarter, compared to analysts’ expectations of $205.94 million. Equities research analysts predict that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on WOLF. Wells Fargo & Company reissued 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. Susquehanna reiterated a “neutral” rating and set a $35.00 price objective on shares of Wolfspeed in a research report on Monday, April 8th. Mizuho initiated coverage on Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 target price on the stock. Piper Sandler cut their target price on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. decreased their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $43.63.

Insiders Place Their Bets

In other news, Director Darren R. Jackson bought 10,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was bought at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares of the company’s stock, valued at approximately $1,264,741.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.62% of the company’s stock.

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.