KLP Kapitalforvaltning AS Takes $153,000 Position in Wolfspeed, Inc. (NYSE:WOLF)

KLP Kapitalforvaltning AS bought a new position in Wolfspeed, Inc. (NYSE:WOLF) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 23,000 shares of the company’s stock, valued at approximately $153,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Primecap Management Co. CA lifted its position in Wolfspeed by 2.7% during the 4th quarter. Primecap Management Co. CA now owns 6,519,164 shares of the company’s stock valued at $43,418,000 after acquiring an additional 169,984 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Wolfspeed by 38.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,207,157 shares of the company’s stock worth $8,040,000 after acquiring an additional 335,966 shares during the last quarter. Iridian Asset Management LLC CT lifted its position in shares of Wolfspeed by 56.6% during the 4th quarter. Iridian Asset Management LLC CT now owns 816,183 shares of the company’s stock valued at $5,436,000 after buying an additional 295,025 shares in the last quarter. Erste Asset Management GmbH raised its position in shares of Wolfspeed by 77.4% during the 4th quarter. Erste Asset Management GmbH now owns 793,518 shares of the company’s stock valued at $5,773,000 after purchasing an additional 346,319 shares during the period. Finally, South Dakota Investment Council grew its position in shares of Wolfspeed by 26.4% during the fourth quarter. South Dakota Investment Council now owns 717,482 shares of the company’s stock worth $4,778,000 after purchasing an additional 149,648 shares in the last quarter.

Wolfspeed Price Performance

NYSE:WOLF opened at $2.22 on Wednesday. The firm’s fifty day moving average is $5.25 and its two-hundred day moving average is $7.80. The company has a debt-to-equity ratio of 17.26, a quick ratio of 2.47 and a current ratio of 3.15. The firm has a market cap of $282.88 million, a price-to-earnings ratio of -0.29 and a beta of 1.69. Wolfspeed, Inc. has a one year low of $2.17 and a one year high of $30.86.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings results on Wednesday, January 29th. The company reported ($1.10) earnings per share 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%. Research analysts expect that Wolfspeed, Inc. will post -4 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Susquehanna cut their price target on Wolfspeed from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, January 22nd. StockNews.com raised shares of Wolfspeed to a “sell” rating in a research note on Monday, January 6th. Bank of America decreased their target price on Wolfspeed from $9.50 to $6.00 and set an “underperform” rating for the company in a research report on Thursday, January 30th. The Goldman Sachs Group lowered their target price on Wolfspeed from $15.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Finally, Canaccord Genuity Group reduced their price objective on shares of Wolfspeed from $18.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.15.

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.