Capital Research Global Investors Makes New $79.43 Million Investment in Wolfspeed, Inc. $WOLF

Capital Research Global Investors purchased a new stake in Wolfspeed, Inc. (NYSE:WOLF) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,777,120 shares of the company’s stock, valued at approximately $79,426,000. Capital Research Global Investors owned 10.73% of Wolfspeed at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 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 approximately $34,000. Marex Group plc purchased a new position in shares of Wolfspeed during the 2nd quarter worth approximately $44,000. Panagora Asset Management Inc. increased its holdings in Wolfspeed by 709.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 113,800 shares of the company’s stock valued at $45,000 after purchasing 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.

Wall Street Analyst Weigh In

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

Wolfspeed Stock Up 9.9%

NYSE:WOLF opened at $18.23 on Thursday. The company has a market capitalization of $821.88 million and a PE ratio of -2.59. Wolfspeed, Inc. has a 52-week low of $8.05 and a 52-week high of $36.60. The stock’s 50 day moving average price is $18.42 and its 200 day moving average price is $17.64.

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