Alberta Investment Management Corp Buys Shares of 250,560 Wolfspeed, Inc. (NYSE:WOLF)

Alberta Investment Management Corp purchased a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 250,560 shares of the company’s stock, valued at approximately $1,669,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Primecap Management Co. CA raised its stake in Wolfspeed by 5.0% during the 3rd 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 period. Two Sigma Advisers LP raised its position in shares of Wolfspeed by 813.6% during the third quarter. Two Sigma Advisers LP now owns 2,458,600 shares of the company’s stock worth $23,848,000 after purchasing an additional 2,189,500 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Wolfspeed by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 871,191 shares of the company’s stock valued at $8,451,000 after purchasing an additional 21,143 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Wolfspeed by 1,158.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 833,201 shares of the company’s stock valued at $8,082,000 after purchasing an additional 766,971 shares during the period. Finally, Iridian Asset Management LLC CT increased its stake in Wolfspeed by 56.6% during the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock worth $5,436,000 after purchasing an additional 295,025 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have weighed in on WOLF. Roth Mkm cut their price target on shares of Wolfspeed from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Bank of America dropped their price objective on shares of Wolfspeed from $9.50 to $6.00 and set an “underperform” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. reduced their target price on shares of Wolfspeed from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Susquehanna dropped their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 22nd. Finally, Piper Sandler cut their price target on Wolfspeed from $18.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Three 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’s stock. According to data from MarketBeat, Wolfspeed currently has a consensus rating of “Hold” and a consensus price target of $14.86.

Wolfspeed Stock Down 9.0 %

WOLF stock opened at $6.81 on Friday. The company has a market cap of $869.09 million, a price-to-earnings ratio of -0.89 and a beta of 1.43. Wolfspeed, Inc. has a twelve month low of $4.66 and a twelve month high of $30.86. The business has a 50 day moving average price of $6.44 and a two-hundred day moving average price of $9.17. The company has a quick ratio of 2.47, a current ratio of 3.15 and a debt-to-equity ratio of 17.26.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 29th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.20). Wolfspeed had a negative net margin of 125.96% and a negative return on equity of 70.84%. Analysts anticipate that Wolfspeed, Inc. will post -4 EPS 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.