State of New Jersey Common Pension Fund D Increases Holdings in Wolfspeed, Inc. (NYSE:WOLF)

State of New Jersey Common Pension Fund D lifted its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 9.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,631 shares of the company’s stock after buying an additional 6,983 shares during the period. State of New Jersey Common Pension Fund D owned about 0.06% of Wolfspeed worth $3,378,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of WOLF. Independence Bank of Kentucky increased its stake in Wolfspeed by 97.0% in the 4th quarter. Independence Bank of Kentucky now owns 711 shares of the company’s stock worth $31,000 after purchasing an additional 350 shares during the period. Rakuten Securities Inc. purchased a new position in Wolfspeed in the 4th quarter worth approximately $48,000. GAMMA Investing LLC purchased a new position in Wolfspeed in the 4th quarter worth approximately $56,000. Aspire Private Capital LLC purchased a new position in Wolfspeed in the 3rd quarter worth approximately $76,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in Wolfspeed by 26.9% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,205 shares of the company’s stock worth $83,000 after purchasing an additional 468 shares during the period.

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson bought 10,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were purchased at an average cost of $25.80 per share, with a total value of $258,000.00. Following the completion of the purchase, the director now owns 49,021 shares in the company, valued at approximately $1,264,741.80. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on WOLF. Piper Sandler decreased their price target on Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 1st. Deutsche Bank Aktiengesellschaft cut their price objective on Wolfspeed from $35.00 to $30.00 and set a “hold” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. cut their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Susquehanna cut their price objective on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Mizuho assumed coverage on Wolfspeed in a research report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Wolfspeed has an average rating of “Hold” and an average target price of $41.88.

Wolfspeed Stock Up 5.5 %

NYSE WOLF opened at $26.24 on Friday. The company has a debt-to-equity ratio of 4.50, a quick ratio of 4.58 and a current ratio of 5.13. Wolfspeed, Inc. has a twelve month low of $21.85 and a twelve month high of $70.42. The stock’s 50 day moving average is $26.56 and its 200 day moving average is $32.34.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative return on equity of 19.35% and a negative net margin of 87.35%. The business had revenue of $208.40 million for the quarter, compared to the consensus estimate of $205.94 million. On average, equities analysts predict that Wolfspeed, Inc. will post -3.05 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.