Teachers Retirement System of The State of Kentucky Increases Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Teachers Retirement System of The State of Kentucky lifted its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 68.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 250,053 shares of the company’s stock after buying an additional 101,203 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Wolfspeed were worth $10,879,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in shares of Wolfspeed by 234.5% during the 3rd 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. Victory Capital Management Inc. boosted its stake in shares of Wolfspeed by 17.7% during the 4th quarter. Victory Capital Management Inc. now owns 26,973 shares of the company’s stock worth $1,174,000 after acquiring an additional 4,052 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Wolfspeed by 15.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,626,081 shares of the company’s stock worth $114,261,000 after acquiring an additional 352,609 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Wolfspeed by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after acquiring an additional 188,236 shares in the last quarter. Finally, UBS Group AG boosted its stake in shares of Wolfspeed by 57.5% during the 3rd quarter. UBS Group AG now owns 219,080 shares of the company’s stock worth $8,347,000 after acquiring an additional 80,011 shares in the last quarter.

Wolfspeed Price Performance

WOLF traded down $1.51 during trading on Friday, hitting $27.15. The company’s stock had a trading volume of 2,403,933 shares, compared to its average volume of 2,685,507. The firm’s 50 day moving average price is $26.06 and its 200-day moving average price is $30.60. The company has a current ratio of 4.58, a quick ratio of 4.00 and a debt-to-equity ratio of 5.55. Wolfspeed, Inc. has a twelve month low of $20.63 and a twelve month high of $70.42.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.03. The business had revenue of $200.70 million during the quarter, compared to the consensus estimate of $201.49 million. Wolfspeed had a negative return on equity of 27.37% and a negative net margin of 96.12%. As a group, equities research analysts anticipate that Wolfspeed, Inc. will post -3.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WOLF. Wells Fargo & Company reissued an “equal weight” rating and set 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. reduced their target price on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Susquehanna reduced their target price on Wolfspeed from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Citigroup reduced their target price on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $30.00 to $25.00 and set a “hold” rating on the stock in a research note on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Wolfspeed has a consensus rating of “Hold” and a consensus target price of $36.29.

Insider Activity at Wolfspeed

In related news, Director Marvin Riley purchased 1,866 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average cost of $27.05 per share, for a total transaction of $50,475.30. Following the acquisition, the director now owns 13,297 shares in the company, valued at $359,683.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

Wolfspeed Company 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.