Wolfspeed, Inc. (NYSE:WOLF) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 41.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 592,599 shares of the company’s stock after purchasing an additional 173,409 shares during the period. Principal Financial Group Inc. owned about 0.47% of Wolfspeed worth $5,748,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Advisors Asset Management Inc. lifted its position in shares of Wolfspeed by 64.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,757 shares of the company’s stock valued at $52,000 after buying an additional 691 shares in the last quarter. Arizona State Retirement System lifted its holdings in Wolfspeed by 2.3% during the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock valued at $802,000 after purchasing an additional 775 shares in the last quarter. Mather Group LLC. grew its position in shares of Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after purchasing an additional 933 shares during the period. Signaturefd LLC increased its stake in shares of Wolfspeed by 284.3% during the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after purchasing an additional 1,544 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Wolfspeed by 6.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company’s stock worth $671,000 after purchasing an additional 1,722 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Mizuho reduced their target price on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a report on Tuesday. The Goldman Sachs Group reduced their price objective on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. TD Cowen lowered their target price on shares of Wolfspeed from $25.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, August 22nd. Roth Mkm reduced their target price on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, Susquehanna decreased their price target on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Wolfspeed presently has an average rating of “Hold” and an average target price of $17.21.

Wolfspeed Stock Performance

Shares of WOLF opened at $6.44 on Thursday. Wolfspeed, Inc. has a 1 year low of $6.27 and a 1 year high of $47.43. The stock has a market capitalization of $822.47 million, a PE ratio of -1.08 and a beta of 1.46. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The stock has a 50-day simple moving average of $10.74 and a 200-day simple moving average of $17.01.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Wednesday, August 21st. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $201.11 million. Wolfspeed had a negative net margin of 93.31% and a negative return on equity of 49.86%. On average, analysts predict that Wolfspeed, Inc. will post -4.13 earnings per share 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.