Teacher Retirement System of Texas Buys 11,691 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Teacher Retirement System of Texas grew its stake in shares of Wolfspeed, Inc. (NYSE:WOLFGet Rating) by 60.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,022 shares of the company’s stock after purchasing an additional 11,691 shares during the period. Teacher Retirement System of Texas’ holdings in Wolfspeed were worth $3,206,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Trustcore Financial Services LLC boosted its stake in Wolfspeed by 214.1% during the third quarter. Trustcore Financial Services LLC now owns 311 shares of the company’s stock worth $32,000 after acquiring an additional 212 shares in the last quarter. Barclays PLC boosted its stake in Wolfspeed by 180.1% during the third quarter. Barclays PLC now owns 407,799 shares of the company’s stock worth $42,150,000 after acquiring an additional 262,221 shares in the last quarter. Parametrica Management Ltd boosted its stake in Wolfspeed by 103.6% during the third quarter. Parametrica Management Ltd now owns 24,352 shares of the company’s stock worth $2,520,000 after acquiring an additional 12,392 shares in the last quarter. Quaero Capital S.A. boosted its stake in Wolfspeed by 8.2% during the third quarter. Quaero Capital S.A. now owns 10,802 shares of the company’s stock worth $1,116,000 after acquiring an additional 820 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in Wolfspeed by 19.4% during the third quarter. Rockefeller Capital Management L.P. now owns 2,038 shares of the company’s stock worth $210,000 after acquiring an additional 331 shares in the last quarter.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $81.61 on Wednesday. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of -62.30 and a beta of 1.46. Wolfspeed, Inc. has a 12-month low of $58.07 and a 12-month high of $125.48. The firm has a 50 day moving average of $79.67 and a 200 day moving average of $93.32. The company has a current ratio of 4.61, a quick ratio of 3.97 and a debt-to-equity ratio of 0.62.

Wolfspeed (NYSE:WOLFGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.01). The firm had revenue of $241.30 million during the quarter, compared to the consensus estimate of $239.76 million. Wolfspeed had a negative return on equity of 4.40% and a negative net margin of 18.90%. On average, research analysts anticipate that Wolfspeed, Inc. will post -0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Duy Loan T. Le purchased 2,000 shares of the company’s stock in a transaction on Friday, November 18th. The stock was acquired at an average cost of $91.04 per share, for a total transaction of $182,080.00. Following the completion of the transaction, the director now directly owns 29,662 shares in the company, valued at approximately $2,700,428.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Duy Loan T. Le bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 1st. The stock was purchased at an average price of $77.26 per share, for a total transaction of $77,260.00. Following the completion of the transaction, the director now owns 25,662 shares in the company, valued at $1,982,646.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Duy Loan T. Le bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, November 18th. The shares were bought at an average price of $91.04 per share, with a total value of $182,080.00. Following the transaction, the director now owns 29,662 shares of the company’s stock, valued at approximately $2,700,428.48. The disclosure for this purchase can be found here. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Wolfspeed from $90.00 to $80.00 in a research note on Wednesday, January 11th. Wells Fargo & Company dropped their price objective on shares of Wolfspeed from $130.00 to $110.00 and set an “overweight” rating on the stock in a research note on Thursday, October 27th. Piper Sandler decreased their target price on shares of Wolfspeed from $130.00 to $100.00 in a report on Thursday, October 27th. Cowen decreased their target price on shares of Wolfspeed from $125.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, October 27th. Finally, Evercore ISI decreased their target price on shares of Wolfspeed to $115.00 in a report on Tuesday, November 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $102.67.

About Wolfspeed

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Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies Europe, China, the United States, Japan, South Korea, 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.

Further Reading

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Institutional Ownership by Quarter for Wolfspeed (NYSE:WOLF)

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