New York State Teachers Retirement System Acquires 3,500 Shares of Wolfspeed, Inc. (NYSE:WOLF)

New York State Teachers Retirement System grew its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 148,784 shares of the company’s stock after purchasing an additional 3,500 shares during the period. New York State Teachers Retirement System’s holdings in Wolfspeed were worth $991,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Primecap Management Co. CA raised its position in shares of Wolfspeed by 5.0% in the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock valued at $61,587,000 after purchasing an additional 303,870 shares during the period. Two Sigma Advisers LP increased its holdings in Wolfspeed by 813.6% during the 3rd quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after acquiring an additional 2,189,500 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock worth $8,451,000 after acquiring an additional 21,143 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Wolfspeed by 1,158.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock worth $8,082,000 after acquiring an additional 766,971 shares during the period. Finally, Iridian Asset Management LLC CT increased its holdings in Wolfspeed by 56.6% during the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock worth $5,436,000 after acquiring an additional 295,025 shares during the period.

Wall Street Analyst Weigh In

WOLF has been the topic of a number of analyst reports. StockNews.com raised shares of Wolfspeed to a “sell” rating in a report on Monday, January 6th. Canaccord Genuity Group decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Mizuho decreased their target price on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a report on Tuesday, November 19th. Piper Sandler decreased their target price on shares of Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Finally, The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.86.

Wolfspeed Price Performance

Shares of Wolfspeed stock opened at $6.81 on Monday. Wolfspeed, Inc. has a 52-week low of $4.66 and a 52-week high of $30.86. The stock has a market capitalization of $869.07 million, a price-to-earnings ratio of -0.89 and a beta of 1.43. The company has a fifty day moving average of $6.44 and a 200-day moving average of $9.11. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities research analysts expect that Wolfspeed, Inc. will post -4 EPS 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.