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

State of New Jersey Common Pension Fund D increased its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 9.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,631 shares of the company’s stock after buying an additional 6,983 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Wolfspeed were worth $3,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WOLF. FengHe Fund Management Pte. Ltd. grew its stake in Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after buying an additional 1,165,600 shares during the last quarter. JANA Partners Management LP purchased a new stake in Wolfspeed during the 3rd quarter valued at about $35,662,000. Polar Capital Holdings Plc purchased a new stake in Wolfspeed during the 3rd quarter valued at about $16,200,000. UniSuper Management Pty Ltd grew its stake in Wolfspeed by 86.7% during the 3rd quarter. UniSuper Management Pty Ltd now owns 703,822 shares of the company’s stock valued at $26,816,000 after purchasing an additional 326,810 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Wolfspeed by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock valued at $475,171,000 after purchasing an additional 188,236 shares during the last quarter.

Analyst Ratings Changes

Several analysts have weighed in on WOLF shares. Susquehanna dropped their price target on Wolfspeed from $35.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday. Mizuho began coverage on Wolfspeed in a report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price objective for the company. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price objective (down previously from $55.00) on shares of Wolfspeed in a report on Wednesday, April 3rd. JPMorgan Chase & Co. decreased their price objective on Wolfspeed from $43.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Wolfspeed from $35.00 to $30.00 and set a “hold” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Hold” and an average target price of $41.88.

Insider Activity

In related news, Director Darren R. Jackson purchased 10,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was acquired at an average cost of $25.80 per share, for a total transaction of $258,000.00. Following the completion of the transaction, the director now directly owns 49,021 shares of the company’s stock, valued at $1,264,741.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.62% of the company’s stock.

Wolfspeed Stock Performance

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

Wolfspeed (NYSE:WOLF) last announced its earnings results on Wednesday, January 31st. The company reported ($0.69) EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $205.94 million. As a group, equities research analysts expect 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.