Retirement Systems of Alabama Sells 155,336 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Retirement Systems of Alabama cut its holdings in Wolfspeed, Inc. (NYSE:WOLF) by 65.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 80,400 shares of the company’s stock after selling 155,336 shares during the period. Retirement Systems of Alabama’s holdings in Wolfspeed were worth $780,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Two Sigma Advisers LP raised its stake in shares of Wolfspeed by 813.6% in 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 last quarter. Primecap Management Co. CA raised its position in Wolfspeed by 15.3% in the 2nd quarter. Primecap Management Co. CA now owns 6,045,310 shares of the company’s stock worth $137,591,000 after buying an additional 800,540 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Wolfspeed by 1,158.0% during 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 acquiring an additional 766,971 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Wolfspeed during the 3rd quarter valued at about $4,542,000. Finally, Iridian Asset Management LLC CT grew its stake in shares of Wolfspeed by 319.9% in the third quarter. Iridian Asset Management LLC CT now owns 521,158 shares of the company’s stock worth $5,055,000 after acquiring an additional 397,057 shares during the period.

Wolfspeed Trading Up 0.6 %

Wolfspeed stock opened at $7.04 on Friday. Wolfspeed, Inc. has a 12-month low of $6.10 and a 12-month high of $47.43. The firm has a market capitalization of $899.10 million, a price-to-earnings ratio of -1.18 and a beta of 1.38. The firm has a 50 day moving average of $10.71 and a 200 day moving average of $14.63. The company has a current ratio of 3.14, a quick ratio of 2.54 and a debt-to-equity ratio of 9.82.

Insider Transactions at Wolfspeed

In other Wolfspeed news, Director Glenda Dorchak acquired 3,592 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was purchased at an average price of $8.33 per share, with a total value of $29,921.36. Following the completion of the purchase, the director now directly owns 18,688 shares in the company, valued at approximately $155,671.04. The trade was a 23.79 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Thomas H. Werner bought 37,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $6.53 per share, with a total value of $244,875.00. Following the transaction, the chairman now directly owns 108,549 shares of the company’s stock, valued at $708,824.97. This represents a 52.78 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 78,067 shares of company stock valued at $524,747 over the last three months. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

WOLF has been the topic of a number of research analyst reports. Bank of America lowered their price objective 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. Canaccord Genuity Group lowered their price target on Wolfspeed from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Susquehanna cut their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and issued a $18.00 target price (down previously from $20.00) on shares of Wolfspeed in a report on Thursday, November 7th. Finally, Mizuho cut their price target on Wolfspeed from $10.00 to $6.00 and set an “underperform” rating for the company in a research note on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.21.

About Wolfspeed

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.