Principal Financial Group Inc. Purchases 173,409 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Principal Financial Group Inc. boosted its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 41.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 592,599 shares of the company’s stock after acquiring an additional 173,409 shares during the period. Principal Financial Group Inc. owned 0.46% of Wolfspeed worth $5,748,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock worth $26,796,000 after purchasing an additional 147,527 shares in the last quarter. Signaturefd LLC boosted its holdings in Wolfspeed by 284.3% in the second quarter. Signaturefd LLC now owns 2,087 shares of the company’s stock worth $48,000 after acquiring an additional 1,544 shares in the last quarter. Arizona State Retirement System boosted its holdings in Wolfspeed by 2.3% in the second quarter. Arizona State Retirement System now owns 35,217 shares of the company’s stock worth $802,000 after acquiring an additional 775 shares in the last quarter. Quest Partners LLC grew its stake in shares of Wolfspeed by 264.9% during the second quarter. Quest Partners LLC now owns 9,127 shares of the company’s stock worth $208,000 after acquiring an additional 6,626 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in shares of Wolfspeed by 23.0% during the second quarter. Texas Permanent School Fund Corp now owns 135,262 shares of the company’s stock valued at $3,079,000 after acquiring an additional 25,296 shares in the last quarter.

Wolfspeed Price Performance

NYSE:WOLF opened at $6.66 on Thursday. The stock has a market capitalization of $850.57 million, a PE ratio of -1.12 and a beta of 1.38. Wolfspeed, Inc. has a 52 week low of $6.10 and a 52 week high of $44.77. The company has a quick ratio of 2.54, a current ratio of 3.14 and a debt-to-equity ratio of 9.82. The stock’s 50-day moving average price is $9.41 and its 200-day moving average price is $13.23.

Insider Buying and Selling at Wolfspeed

In related news, Director Glenda Dorchak bought 3,592 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was acquired at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares of the company’s stock, valued at approximately $155,671.04. This trade represents a 23.79 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Thomas H. Werner purchased 37,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average cost of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the purchase, the chairman now directly owns 108,549 shares in the company, valued at $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 78,067 shares of company stock valued at $524,747. Company insiders own 0.84% of the company’s stock.

Analyst Ratings Changes

WOLF has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Susquehanna dropped their price objective on shares of Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group reduced their target price on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Roth Mkm dropped their price target on Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, Piper Sandler restated an “overweight” rating and issued a $18.00 price objective (down from $20.00) on shares of Wolfspeed 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 given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.21.

Wolfspeed 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.