Retirement Systems of Alabama Decreases Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Retirement Systems of Alabama decreased its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 65.9% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 80,400 shares of the company’s stock after selling 155,336 shares during the period. Retirement Systems of Alabama owned approximately 0.06% of Wolfspeed worth $780,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WOLF. Eastern Bank purchased a new stake in Wolfspeed during the third quarter valued at about $27,000. GAMMA Investing LLC lifted its stake in shares of Wolfspeed by 416.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,544 shares of the company’s stock valued at $44,000 after acquiring an additional 3,664 shares during the last quarter. Signaturefd LLC boosted its holdings in Wolfspeed by 284.3% during the 2nd quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock valued at $48,000 after acquiring an additional 1,544 shares during the period. Asset Management One Co. Ltd. grew its position in Wolfspeed by 69.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock worth $69,000 after acquiring an additional 2,885 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Wolfspeed in the 2nd quarter worth approximately $75,000.

Insider Activity at Wolfspeed

In related news, Chairman Thomas H. Werner acquired 37,500 shares of Wolfspeed stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average price of $6.53 per share, with a total value of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares in the company, valued at approximately $708,824.97. This represents a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Glenda Dorchak acquired 3,592 shares of the stock in a transaction on Friday, November 22nd. The shares were bought at an average price of $8.33 per share, with a total value of $29,921.36. Following the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. The trade was a 23.79 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 78,067 shares of company stock valued at $524,747 in the last three months. Company insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WOLF. Susquehanna dropped their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group cut their price target on shares of Wolfspeed from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (down from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. JPMorgan Chase & Co. cut their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, Morgan Stanley upped their price target on Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Performance

Shares of Wolfspeed stock opened at $7.04 on Friday. The business has a fifty day simple moving average of $10.71 and a two-hundred day simple moving average of $14.63. The firm has a market capitalization of $899.10 million, a P/E ratio of -1.18 and a beta of 1.38. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82. Wolfspeed, Inc. has a 12 month low of $6.10 and a 12 month high of $47.43.

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.