15,975 Shares in Wolfspeed, Inc. (NYSE:WOLF) Bought by Alberta Investment Management Corp

Alberta Investment Management Corp bought a new position in shares of Wolfspeed, Inc. (NYSE:WOLFFree Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,975 shares of the company’s stock, valued at approximately $695,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Assenagon Asset Management S.A. increased its holdings in Wolfspeed by 18.6% in the third quarter. Assenagon Asset Management S.A. now owns 8,378 shares of the company’s stock worth $319,000 after purchasing an additional 1,312 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in shares of Wolfspeed by 20.5% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 52,661 shares of the company’s stock valued at $2,006,000 after acquiring an additional 8,944 shares during the period. abrdn plc boosted its stake in Wolfspeed by 4.2% during the third quarter. abrdn plc now owns 18,795 shares of the company’s stock worth $716,000 after acquiring an additional 751 shares in the last quarter. Jump Financial LLC grew its holdings in Wolfspeed by 41.9% in the third quarter. Jump Financial LLC now owns 23,143 shares of the company’s stock worth $882,000 after purchasing an additional 6,839 shares during the period. Finally, Boston Partners bought a new stake in Wolfspeed in the third quarter valued at $2,032,000.

Analysts Set New Price Targets

WOLF has been the subject of several research reports. Roth Mkm restated a “buy” rating and issued a $50.00 target price on shares of Wolfspeed in a research note on Tuesday, April 30th. Mizuho lowered their target price on Wolfspeed from $30.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. TD Cowen lowered shares of Wolfspeed from a “buy” rating to a “hold” rating and dropped their price objective for the company from $40.00 to $25.00 in a research note on Thursday, May 2nd. Finally, Citigroup decreased their target price on shares of Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Wolfspeed has an average rating of “Hold” and a consensus target price of $36.29.

Get Our Latest Research Report on Wolfspeed

Wolfspeed Price Performance

WOLF opened at $26.82 on Tuesday. Wolfspeed, Inc. has a twelve month low of $20.63 and a twelve month high of $70.42. The company’s 50-day moving average price is $26.03 and its two-hundred day moving average price is $30.97. 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 (NYSE:WOLFGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.03. The business had revenue of $200.70 million during the quarter, compared to analyst estimates 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 analysts predict that Wolfspeed, Inc. will post -3.13 EPS for the current year.

Insider Activity at Wolfspeed

In other news, Director Marvin Riley purchased 1,866 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was purchased at an average price of $27.05 per share, with a total value of $50,475.30. Following the completion of the purchase, the director now directly owns 13,297 shares in the company, valued at approximately $359,683.85. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.85% of the stock is currently owned by insiders.

About Wolfspeed

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Wolfspeed (NYSE:WOLF)

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