Anson Funds Management LP Buys New Shares in Wolfspeed, Inc. $WOLF

Anson Funds Management LP bought a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 43,194 shares of the company’s stock, valued at approximately $1,235,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Wolfspeed in the 2nd quarter valued at about $34,000. Canada Pension Plan Investment Board purchased a new position in shares of Wolfspeed during the 2nd quarter worth about $34,000. Marex Group plc purchased a new position in shares of Wolfspeed during the 2nd quarter worth about $44,000. Panagora Asset Management Inc. boosted its position in shares of Wolfspeed by 709.4% in the second quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock worth $45,000 after acquiring an additional 99,740 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in Wolfspeed in the second quarter valued at approximately $47,000.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wall Street Zen lowered shares of Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Susquehanna decreased their price target on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Piper Sandler reissued an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Finally, Zacks Research upgraded Wolfspeed to a “hold” rating in a report on Monday, February 9th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Stock Performance

NYSE WOLF opened at $16.75 on Friday. The firm has a market capitalization of $755.21 million and a price-to-earnings ratio of -2.38. Wolfspeed, Inc. has a one year low of $8.05 and a one year high of $36.60. The company’s 50 day moving average price is $18.37 and its 200 day moving average price is $17.86.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($5.37). During the same period in the prior year, the firm posted ($0.95) EPS. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. Sell-side analysts forecast that Wolfspeed, Inc. will post -4 EPS for the current fiscal year.

About Wolfspeed

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.