California State Teachers Retirement System Sells 59,152 Shares of Wolfspeed, Inc. (NYSE:WOLF)

California State Teachers Retirement System decreased its holdings in shares of Wolfspeed, Inc. (NYSE:WOLFFree Report) by 30.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,501 shares of the company’s stock after selling 59,152 shares during the period. California State Teachers Retirement System owned 0.11% of Wolfspeed worth $5,765,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in WOLF. TFO Wealth Partners LLC boosted its holdings in Wolfspeed by 57,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 574 shares in the last quarter. Independence Bank of Kentucky raised its stake in shares of Wolfspeed by 97.0% in the fourth quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Wolfspeed during the fourth quarter valued at approximately $48,000. GAMMA Investing LLC purchased a new stake in shares of Wolfspeed during the fourth quarter valued at approximately $56,000. Finally, Avantax Advisory Services Inc. purchased a new stake in shares of Wolfspeed during the fourth quarter valued at approximately $201,000.

Insider Activity at Wolfspeed

In other Wolfspeed news, Director Marvin Riley acquired 1,866 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought 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 owns 13,297 shares of the company’s stock, valued at $359,683.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.85% of the stock is owned by corporate insiders.

Wolfspeed Price Performance

Wolfspeed stock opened at $28.17 on Tuesday. The firm has a market capitalization of $3.55 billion, a P/E ratio of -4.36 and a beta of 1.60. Wolfspeed, Inc. has a one year low of $20.63 and a one year high of $70.42. The business has a fifty day moving average price of $25.98 and a 200-day moving average price of $30.77. The company has a debt-to-equity ratio of 5.55, a current ratio of 4.58 and a quick ratio of 4.00.

Wolfspeed (NYSE:WOLFGet Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.79) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.82) by $0.03. The company 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 research analysts forecast that Wolfspeed, Inc. will post -3.13 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Citigroup decreased their price target on Wolfspeed from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 price target (down from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft decreased their price target on Wolfspeed from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Tuesday, May 7th. JPMorgan Chase & Co. decreased their price target on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Finally, William Blair downgraded Wolfspeed from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $36.29.

Check Out Our Latest Analysis on WOLF

Wolfspeed Company Profile

(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.

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Institutional Ownership by Quarter for Wolfspeed (NYSE:WOLF)

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