Renesas Electronics America Inc. Makes New Investment in Wolfspeed, Inc. $WOLF

Renesas Electronics America Inc. purchased a new stake in Wolfspeed, Inc. (NYSE:WOLF) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 16,852,372 shares of the company’s stock, valued at approximately $813,126,949,000. Wolfspeed accounts for 100.0% of Renesas Electronics America Inc.’s holdings, making the stock its biggest position. Renesas Electronics America Inc. owned approximately 0.32% of Wolfspeed at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of WOLF. Canada Pension Plan Investment Board purchased a new stake in Wolfspeed in the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Wolfspeed during the second quarter worth approximately $34,000. Summit Securities Group LLC raised 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 worth $38,000 after purchasing an additional 915 shares during the period. Marex Group plc purchased a new position in Wolfspeed during the second quarter worth approximately $44,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Wolfspeed in the 2nd quarter valued at $47,000.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on WOLF. Wall Street Zen cut shares of Wolfspeed from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. Finally, Susquehanna reduced their target price on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Wolfspeed currently has an average rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Stock Performance

Shares of NYSE WOLF opened at $31.81 on Friday. Wolfspeed, Inc. has a 1 year low of $8.05 and a 1 year high of $80.82. The stock’s 50-day simple moving average is $36.88 and its 200-day simple moving average is $32.29. The firm has a market cap of $1.65 billion and a price-to-earnings ratio of -3.01.

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.