State Board of Administration of Florida Retirement System trimmed its position in shares of Wolfspeed, Inc. (NYSE:WOLF – Get Rating) by 1.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,726 shares of the company’s stock after selling 1,290 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.10% of Wolfspeed worth $8,335,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in WOLF. Thrivent Financial for Lutherans lifted its holdings in shares of Wolfspeed by 381.0% in the third quarter. Thrivent Financial for Lutherans now owns 1,122,397 shares of the company’s stock worth $116,011,000 after acquiring an additional 889,032 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in shares of Wolfspeed in the third quarter worth about $48,325,000. Pinpoint Asset Management Ltd bought a new position in shares of Wolfspeed in the third quarter worth about $40,827,000. Bank of Montreal Can lifted its holdings in shares of Wolfspeed by 131.7% in the fourth quarter. Bank of Montreal Can now owns 621,710 shares of the company’s stock worth $50,191,000 after acquiring an additional 353,387 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Wolfspeed in the fourth quarter worth about $21,565,000.
Wolfspeed Stock Performance
Shares of WOLF stock opened at $40.86 on Wednesday. The company has a market cap of $5.09 billion, a price-to-earnings ratio of -27.61 and a beta of 1.53. Wolfspeed, Inc. has a 52 week low of $39.42 and a 52 week high of $125.48. The company has a quick ratio of 4.22, a current ratio of 4.69 and a debt-to-equity ratio of 1.78. The firm has a 50 day moving average of $56.42 and a 200-day moving average of $67.86.
Insider Activity at Wolfspeed
In other Wolfspeed news, Director John B. Replogle purchased 10,566 shares of Wolfspeed stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average price of $47.54 per share, with a total value of $502,307.64. Following the transaction, the director now owns 81,405 shares in the company, valued at approximately $3,869,993.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Wolfspeed news, Director John B. Replogle purchased 10,566 shares of Wolfspeed stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average price of $47.54 per share, with a total value of $502,307.64. Following the transaction, the director now owns 81,405 shares in the company, valued at approximately $3,869,993.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregg A. Lowe purchased 5,450 shares of Wolfspeed stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average cost of $45.94 per share, with a total value of $250,373.00. Following the transaction, the chief executive officer now owns 524,855 shares in the company, valued at approximately $24,111,838.70. The disclosure for this purchase can be found here. 0.62% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
WOLF has been the subject of a number of research reports. Oppenheimer cut shares of Wolfspeed from an “outperform” rating to a “market perform” rating in a report on Thursday, April 27th. Citigroup lowered shares of Wolfspeed from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $66.00 in a report on Monday, April 3rd. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $90.00 to $80.00 in a report on Wednesday, January 11th. Wells Fargo & Company dropped their price objective on shares of Wolfspeed from $110.00 to $80.00 in a report on Thursday, April 27th. Finally, JPMorgan Chase & Co. lowered shares of Wolfspeed from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $100.00 to $65.00 in a report on Monday, April 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $85.00.
Wolfspeed Company Profile
Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.
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