Wolfspeed, Inc. (NYSE:WOLF) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 4.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 45,890 shares of the company’s stock after selling 2,074 shares during the period. Public Employees Retirement System of Ohio’s holdings in Wolfspeed were worth $445,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Two Sigma Advisers LP lifted its stake in Wolfspeed by 813.6% in the third 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 last quarter. Primecap Management Co. CA increased its holdings in Wolfspeed by 15.3% in the second quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock valued at $137,591,000 after buying an additional 800,540 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Wolfspeed by 1,158.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after buying an additional 766,971 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in Wolfspeed during the 3rd quarter worth about $4,542,000. Finally, Iridian Asset Management LLC CT boosted its position in shares of Wolfspeed by 319.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after acquiring an additional 397,057 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler restated an “overweight” rating and set a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a research note on Thursday, November 7th. Bank of America lowered their target price on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating for the company in a report on Friday, August 23rd. Susquehanna cut their price target on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Morgan Stanley upped their price objective on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Mizuho cut their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $17.21.

Wolfspeed Stock Up 0.6 %

Shares of WOLF opened at $7.04 on Friday. Wolfspeed, Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $47.43. The company’s fifty day moving average is $10.71 and its two-hundred day moving average is $14.63. The firm has a market cap of $899.10 million, a PE ratio of -1.18 and a beta of 1.38. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82.

Insider Transactions at Wolfspeed

In related news, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the acquisition, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. The trade was a 52.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Darren R. Jackson purchased 36,975 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average cost of $6.76 per share, for a total transaction of $249,951.00. Following the purchase, the director now directly owns 85,996 shares in the company, valued at $581,332.96. This trade represents a 75.43 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 78,067 shares of company stock worth $524,747. 0.84% of the stock is currently owned by company 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.