Wolfspeed, Inc. (NYSE:WOLF) Position Increased by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 430.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,819 shares of the company’s stock after acquiring an additional 58,282 shares during the period. State of Alaska Department of Revenue owned about 0.06% of Wolfspeed worth $696,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Mather Group LLC. increased its position in Wolfspeed by 385.5% during the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock worth $27,000 after buying an additional 933 shares during the last quarter. Advisors Asset Management Inc. increased its position in Wolfspeed by 64.8% during the first quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock worth $52,000 after buying an additional 691 shares during the last quarter. Signaturefd LLC increased its position in Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after buying an additional 1,544 shares during the last quarter. Eastern Bank acquired a new position in Wolfspeed during the third quarter worth $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Wolfspeed during the second quarter worth $75,000.

Wolfspeed Price Performance

WOLF opened at $13.71 on Thursday. The company has a fifty day moving average price of $10.90 and a two-hundred day moving average price of $18.26. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51. Wolfspeed, Inc. has a 52 week low of $7.28 and a 52 week high of $47.43. The firm has a market capitalization of $1.74 billion, a PE ratio of -1.85 and a beta of 1.46.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, August 21st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.03). Wolfspeed had a negative net margin of 107.93% and a negative return on equity of 37.76%. The firm had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. As a group, analysts anticipate that Wolfspeed, Inc. will post -4.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WOLF. Susquehanna lowered their price target on Wolfspeed from $23.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Mizuho downgraded Wolfspeed from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $17.00 to $8.00 in a research report on Thursday, October 3rd. New Street Research downgraded Wolfspeed from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their price target on Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. Finally, Morgan Stanley raised 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 analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Wolfspeed has a consensus rating of “Hold” and an average target price of $22.43.

Wolfspeed 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.