Teacher Retirement System of Texas Acquires Shares of 18,664 Wolfspeed (NYSE:WOLF)

Teacher Retirement System of Texas acquired a new stake in shares of Wolfspeed (NYSE:WOLF) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 18,664 shares of the company’s stock, valued at approximately $57,000.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Wolfspeed by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 15,924,290 shares of the company’s stock worth $106,056,000 after purchasing an additional 299,304 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Wolfspeed by 4.3% in the fourth quarter. Neuberger Berman Group LLC now owns 2,506,626 shares of the company’s stock worth $16,701,000 after acquiring an additional 104,042 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in shares of Wolfspeed by 94.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,050,778 shares of the company’s stock valued at $13,658,000 after purchasing an additional 995,020 shares during the last quarter. Voloridge Investment Management LLC boosted its holdings in shares of Wolfspeed by 0.7% during the 4th quarter. Voloridge Investment Management LLC now owns 1,915,695 shares of the company’s stock valued at $12,759,000 after purchasing an additional 12,660 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Wolfspeed by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock valued at $8,040,000 after purchasing an additional 335,966 shares during the last quarter.

Analyst Upgrades and Downgrades

WOLF has been the subject of several analyst reports. Piper Sandler decreased their price objective on shares of Wolfspeed from $10.00 to $6.00 and set an “overweight” rating for the company in a research note on Friday, May 9th. The Goldman Sachs Group decreased their price objective on shares of Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, April 2nd. Citigroup reissued a “sell” rating and issued a $3.00 price objective (down previously from $7.00) on shares of Wolfspeed in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Wolfspeed in a research note on Friday, May 9th. Five 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.15.

Insiders Place Their Bets

In other news, CFO Neill Reynolds sold 13,909 shares of the 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 completion of the sale, the chief financial officer owned 195,257 shares of the company’s stock, valued at $779,075.43. This represents a 6.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.84% of the stock is currently owned by corporate insiders.

Wolfspeed Trading Down 3.6%

Shares of Wolfspeed stock opened at $1.48 on Tuesday. The firm has a market cap of $229.55 million, a price-to-earnings ratio of -0.18 and a beta of 1.09. Wolfspeed has a 52-week low of $0.39 and a 52-week high of $21.89. The company’s 50-day simple moving average is $1.60 and its 200-day simple moving average is $3.73. The company has a quick ratio of 3.90, a current ratio of 4.64 and a debt-to-equity ratio of 30.65.

Wolfspeed (NYSE:WOLF) last announced its earnings results on Thursday, May 8th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $185.40 million for the quarter, compared to analyst estimates of $190.03 million. During the same quarter last year, the business earned ($0.62) earnings per share. Wolfspeed’s revenue was down 7.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Wolfspeed will post -4 earnings per share for the current year.

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.