New York State Teachers Retirement System Purchases 3,500 Shares of Wolfspeed, Inc. (NYSE:WOLF)

New York State Teachers Retirement System increased its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 2.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 148,784 shares of the company’s stock after buying an additional 3,500 shares during the period. New York State Teachers Retirement System owned 0.12% of Wolfspeed worth $991,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. KBC Group NV raised 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 buying an additional 2,629 shares during the last quarter. Eastern Bank bought a new stake in Wolfspeed in the third quarter valued at $27,000. Asset Management One Co. Ltd. increased its stake in Wolfspeed by 69.0% in 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 in the last quarter. GAMMA Investing LLC increased its stake in Wolfspeed by 66.6% in the fourth quarter. GAMMA Investing LLC now owns 7,569 shares of the company’s stock valued at $50,000 after purchasing an additional 3,025 shares in the last quarter. Finally, R Squared Ltd bought a new stake in Wolfspeed in the fourth quarter valued at $28,000.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group decreased their price target on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Mizuho decreased their price target on shares of Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. 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 research note on Thursday, January 30th. Finally, Susquehanna decreased their price target on shares of Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.86.

Wolfspeed Stock Down 9.0 %

Wolfspeed stock opened at $6.81 on Monday. Wolfspeed, Inc. has a fifty-two week low of $4.66 and a fifty-two week high of $30.86. The stock has a market cap of $869.07 million, a PE ratio of -0.89 and a beta of 1.43. The firm’s 50-day simple moving average is $6.44 and its 200 day simple moving average is $9.11. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings results 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 return on equity of 70.84% and a negative net margin of 125.96%. Research analysts predict that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

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.