Iridian Asset Management LLC CT Has $5.06 Million Position in Wolfspeed, Inc. (NYSE:WOLF)

Iridian Asset Management LLC CT lifted its holdings in shares of Wolfspeed, Inc. (NYSE:WOLF) by 319.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 521,158 shares of the company’s stock after buying an additional 397,057 shares during the period. Wolfspeed makes up about 1.1% of Iridian Asset Management LLC CT’s holdings, making the stock its 26th largest holding. Iridian Asset Management LLC CT’s holdings in Wolfspeed were worth $5,055,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of WOLF. New York State Teachers Retirement System raised its holdings in Wolfspeed by 1.3% during the third quarter. New York State Teachers Retirement System now owns 145,284 shares of the company’s stock worth $1,409,000 after acquiring an additional 1,885 shares in the last quarter. Semanteon Capital Management LP raised its stake in shares of Wolfspeed by 136.6% during the 3rd quarter. Semanteon Capital Management LP now owns 122,444 shares of the company’s stock worth $1,188,000 after purchasing an additional 70,699 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Wolfspeed by 430.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 71,819 shares of the company’s stock valued at $696,000 after buying an additional 58,282 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Wolfspeed by 70.8% in the 3rd quarter. Louisiana State Employees Retirement System now owns 60,800 shares of the company’s stock valued at $590,000 after buying an additional 25,200 shares during the last quarter. Finally, Eastern Bank bought a new position in shares of Wolfspeed in the third quarter valued at $27,000.

Wolfspeed Stock Down 2.5 %

WOLF opened at $15.07 on Thursday. The stock has a fifty day moving average of $10.89 and a 200-day moving average of $18.62. The company has a market capitalization of $1.91 billion, a P/E ratio of -2.17 and a beta of 1.52. Wolfspeed, Inc. has a fifty-two week low of $7.28 and a fifty-two week high of $47.43. The company has a debt-to-equity ratio of 6.99, a quick ratio of 3.85 and a current ratio of 4.51.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Wednesday, August 21st. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.03). The business had revenue of $200.70 million during the quarter, compared to analyst estimates of $201.11 million. Wolfspeed had a negative return on equity of 37.76% and a negative net margin of 107.93%. On average, equities analysts expect that Wolfspeed, Inc. will post -3.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on WOLF shares. Bank of America dropped their price target on shares of Wolfspeed from $25.00 to $15.00 and set an “underperform” rating on the stock in a research report on Friday, August 23rd. Mizuho cut shares of Wolfspeed from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $17.00 to $8.00 in a report on Thursday, October 3rd. Piper Sandler cut their target price on shares of Wolfspeed from $35.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 22nd. Oppenheimer restated a “market perform” rating on shares of Wolfspeed in a research note on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Wolfspeed from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $22.43.

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.