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

HITE Hedge Asset Management LLC lessened its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 99.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 62,318 shares of the company’s stock after selling 7,937,682 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Wolfspeed were worth $1,782,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of WOLF. Capital Research Global Investors acquired a new position in Wolfspeed in the 3rd quarter valued at about $79,426,000. Two Seas Capital LP bought a new position in Wolfspeed in the 2nd quarter valued at about $962,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Wolfspeed by 94.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after acquiring an additional 906,968 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Wolfspeed by 176.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after acquiring an additional 881,603 shares during the period. Finally, GMT Capital Corp boosted its holdings in shares of Wolfspeed by 42.9% during the second quarter. GMT Capital Corp now owns 1,211,332 shares of the company’s stock worth $483,000 after acquiring an additional 363,784 shares during the period.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on WOLF shares. Wall Street Zen lowered Wolfspeed from a “hold” rating to a “sell” rating in a research note 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 note on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a report on Monday, December 29th. Piper Sandler reiterated an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Finally, Zacks Research raised Wolfspeed to a “hold” rating in a report on Monday, February 9th. Two 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. According to MarketBeat, Wolfspeed has an average rating of “Reduce” and a consensus price target of $12.75.

Wolfspeed Stock Down 6.2%

WOLF opened at $17.07 on Friday. Wolfspeed, Inc. has a twelve month low of $8.05 and a twelve month high of $36.60. The company 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 price-to-earnings ratio of -2.42.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing the consensus estimate of ($0.74) by ($5.37). The firm’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.95) EPS. Sell-side analysts anticipate 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.