Principal Financial Group Inc. Acquires 26,458 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Principal Financial Group Inc. increased its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 4.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 619,057 shares of the company’s stock after purchasing an additional 26,458 shares during the period. Principal Financial Group Inc. owned approximately 0.48% of Wolfspeed worth $4,123,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Public Sector Pension Investment Board bought a new position in Wolfspeed in the 3rd quarter valued at $2,590,000. Primecap Management Co. CA boosted its holdings in Wolfspeed by 5.0% during the third quarter. Primecap Management Co. CA now owns 6,349,180 shares of the company’s stock worth $61,587,000 after buying an additional 303,870 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Wolfspeed by 225.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 98,832 shares of the company’s stock worth $959,000 after buying an additional 68,423 shares during the period. Quadrature Capital Ltd increased its stake in shares of Wolfspeed by 301.8% in the 3rd quarter. Quadrature Capital Ltd now owns 184,674 shares of the company’s stock valued at $1,790,000 after acquiring an additional 138,715 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Wolfspeed by 74.1% in the 4th quarter. SG Americas Securities LLC now owns 102,285 shares of the company’s stock valued at $681,000 after acquiring an additional 43,536 shares during the period.

Wolfspeed Trading Down 10.4 %

NYSE WOLF opened at $5.18 on Tuesday. Wolfspeed, Inc. has a 52 week low of $4.66 and a 52 week high of $30.86. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The stock’s 50 day moving average price is $6.25 and its two-hundred day moving average price is $8.82. The stock has a market capitalization of $661.55 million, a price-to-earnings ratio of -0.67 and a beta of 1.43.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. As a group, analysts anticipate that Wolfspeed, Inc. will post -4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Bank of America decreased their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. lowered their price objective on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Piper Sandler dropped their price objective on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. StockNews.com raised Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Finally, The Goldman Sachs Group lowered their price target on Wolfspeed from $17.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, Wolfspeed has a consensus rating of “Hold” and an average target price of $14.86.

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.