HITE Hedge Asset Management LLC Has $1.78 Million Holdings in Wolfspeed, Inc. $WOLF

HITE Hedge Asset Management LLC decreased its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 99.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,318 shares of the company’s stock after selling 7,937,682 shares during the period. HITE Hedge Asset Management LLC owned approximately 0.24% of Wolfspeed worth $1,782,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in WOLF. Capital Research Global Investors bought a new position in Wolfspeed during the 3rd quarter worth about $79,426,000. Camden Asset Management L P CA acquired a new stake in shares of Wolfspeed in the 3rd quarter valued at about $9,452,000. Andar Capital Management HK Ltd bought a new stake in shares of Wolfspeed in the third quarter valued at about $48,000. Vontobel Holding Ltd. lifted its holdings in shares of Wolfspeed by 21.5% in the third quarter. Vontobel Holding Ltd. now owns 582,845 shares of the company’s stock valued at $16,669,000 after purchasing an additional 103,282 shares in the last quarter. Finally, Marex Group plc acquired a new position in shares of Wolfspeed during the second quarter worth about $44,000.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on WOLF. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Susquehanna reduced their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, January 22nd. Zacks Research raised shares of Wolfspeed to a “hold” rating in a research note on Monday, February 9th. Piper Sandler reiterated an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a report on Thursday, February 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $12.75.

Wolfspeed Stock Performance

Wolfspeed stock opened at $17.07 on Friday. The stock has a 50-day simple moving average of $18.42 and a 200 day simple moving average of $17.64. The stock has a market capitalization of $769.51 million and a P/E ratio of -2.42. Wolfspeed, Inc. has a 52 week low of $8.05 and a 52 week high of $36.60.

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 quarter in the previous year, the company posted ($0.95) earnings per share. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. Research analysts forecast that Wolfspeed, Inc. will post -4 earnings per share for the current year.

Wolfspeed Company 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.