Iridian Asset Management LLC CT Raises Stock Holdings in Wolfspeed, Inc. (NYSE:WOLF)

Iridian Asset Management LLC CT boosted its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 56.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 816,183 shares of the company’s stock after purchasing an additional 295,025 shares during the quarter. Wolfspeed makes up approximately 1.4% of Iridian Asset Management LLC CT’s holdings, making the stock its 25th largest holding. Iridian Asset Management LLC CT’s holdings in Wolfspeed were worth $5,436,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in WOLF. Vontobel Holding Ltd. lifted its holdings in Wolfspeed by 5.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,565 shares of the company’s stock worth $364,000 after buying an additional 1,835 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of Wolfspeed by 1.3% during the 3rd quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock valued at $1,409,000 after acquiring an additional 1,885 shares in the last quarter. KBC Group NV lifted its stake in Wolfspeed by 76.5% during the fourth quarter. KBC Group NV now owns 6,064 shares of the company’s stock worth $40,000 after purchasing an additional 2,629 shares during the last quarter. Eastern Bank acquired a new position in Wolfspeed in the third quarter worth $27,000. Finally, Asset Management One Co. Ltd. increased its stake in Wolfspeed by 69.0% during the third quarter. Asset Management One Co. Ltd. now owns 7,067 shares of the company’s stock valued at $69,000 after purchasing an additional 2,885 shares during the last quarter.

Analysts Set New Price Targets

WOLF has been the subject of several research reports. The Goldman Sachs Group decreased their price target on shares of Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Mizuho decreased their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Bank of America cut their price target on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. Piper Sandler lowered their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. cut their target price on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Three equities research 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.86.

Wolfspeed Price Performance

Wolfspeed stock opened at $5.88 on Friday. Wolfspeed, Inc. has a 12-month low of $4.66 and a 12-month high of $30.87. The company has a current ratio of 3.15, a quick ratio of 2.47 and a debt-to-equity ratio of 17.26. The firm has a 50 day simple moving average of $7.17 and a 200-day simple moving average of $10.11.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Equities analysts anticipate that Wolfspeed, Inc. will post -4.2 earnings per share for the current year.

Insider Buying and Selling at Wolfspeed

In related news, Director Glenda Dorchak purchased 3,592 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, for a total transaction of $29,921.36. Following the transaction, the director now directly owns 18,688 shares of the company’s stock, valued at $155,671.04. This trade represents a 23.79 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Darren R. Jackson acquired 36,975 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, the director now owns 85,996 shares in the company, valued at approximately $581,332.96. This trade represents a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 78,067 shares of company stock valued at $524,747. 0.84% of the stock is owned by insiders.

About Wolfspeed

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.