SG Americas Securities LLC Acquires Shares of 408,733 Wolfspeed, Inc. $WOLF

SG Americas Securities LLC bought a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 408,733 shares of the company’s stock, valued at approximately $6,671,000.

Several other hedge funds also recently made changes to their positions in WOLF. Canada Pension Plan Investment Board acquired a new stake in shares of Wolfspeed during the 2nd quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Wolfspeed in the second quarter worth $34,000. Summit Securities Group LLC increased its stake in Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after purchasing an additional 915 shares during the last quarter. Marex Group plc bought a new stake in Wolfspeed during the second quarter valued at $44,000. Finally, Eastern Bank acquired a new stake in shares of Wolfspeed during the fourth quarter worth $46,000.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.00.

Wolfspeed Stock Performance

Shares of WOLF opened at $45.68 on Monday. Wolfspeed, Inc. has a 1 year low of $8.05 and a 1 year high of $80.82. The company has a market cap of $2.37 billion and a price-to-earnings ratio of -4.33. The firm has a fifty day moving average of $49.02 and a 200-day moving average of $29.22.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The firm had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. The firm’s revenue was down 19.0% on a year-over-year basis. During the same period last year, the business earned ($0.72) EPS.

Wolfspeed Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.