State of Alaska Department of Revenue Trims Stake in Wolfspeed, Inc. (NYSE:WOLF)

State of Alaska Department of Revenue reduced its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 8.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,537 shares of the company’s stock after selling 1,255 shares during the period. State of Alaska Department of Revenue’s holdings in Wolfspeed were worth $588,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First Manhattan CO. LLC. purchased a new stake in Wolfspeed during the first quarter valued at approximately $39,000. Aspire Private Capital LLC increased its stake in shares of Wolfspeed by 50.0% in the fourth quarter. Aspire Private Capital LLC now owns 600 shares of the company’s stock worth $41,424,000,000 after purchasing an additional 200 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in shares of Wolfspeed in the fourth quarter worth $43,000. Toroso Investments LLC purchased a new stake in shares of Wolfspeed in the third quarter worth $131,000. Finally, Ossiam increased its stake in shares of Wolfspeed by 49.5% in the first quarter. Ossiam now owns 1,313 shares of the company’s stock worth $85,000 after purchasing an additional 435 shares in the last quarter.

Insider Buying and Selling

In other news, Director Darren R. Jackson purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the purchase, the director now owns 49,021 shares in the company, valued at $1,264,741.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is owned by corporate insiders.

Wolfspeed Price Performance

WOLF stock opened at $27.85 on Friday. Wolfspeed, Inc. has a 52 week low of $23.54 and a 52 week high of $70.42. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. The company has a fifty day simple moving average of $27.21 and a two-hundred day simple moving average of $33.19. The firm has a market capitalization of $3.50 billion, a P/E ratio of -4.58 and a beta of 1.66.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The business had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Analysts anticipate that Wolfspeed, Inc. will post -3.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price objective (down from $55.00) on shares of Wolfspeed in a research note on Wednesday, April 3rd. Susquehanna reissued a “neutral” rating and issued a $35.00 price objective on shares of Wolfspeed in a research note on Monday. JPMorgan Chase & Co. reduced their price objective on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research note on Thursday. Mizuho assumed coverage on shares of Wolfspeed in a research note on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective for the company. Finally, Piper Sandler reduced their price objective on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $43.63.

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.