HITE Hedge Asset Management LLC Trims Position in Wolfspeed, Inc. $WOLF

HITE Hedge Asset Management LLC cut its position in Wolfspeed, Inc. (NYSE:WOLF) by 27.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,105 shares of the company’s stock after selling 17,213 shares during the period. HITE Hedge Asset Management LLC owned about 0.17% of Wolfspeed worth $785,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of WOLF. Canada Pension Plan Investment Board purchased a new stake in shares of Wolfspeed in the second quarter worth $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Wolfspeed during the second quarter valued at $34,000. Marex Group plc purchased a new position in Wolfspeed during the second quarter valued at $44,000. Eastern Bank purchased a new position in Wolfspeed during the fourth quarter valued at $46,000. Finally, WINTON GROUP Ltd purchased a new position in Wolfspeed during the second quarter valued at $47,000.

Wall Street Analyst Weigh In

WOLF has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Wolfspeed has an average rating of “Hold” and an average price target of $20.00.

Wolfspeed Stock Performance

WOLF opened at $42.88 on Friday. The stock has a market capitalization of $2.23 billion and a price-to-earnings ratio of -4.06. The company has a fifty day moving average of $43.27 and a 200 day moving average of $27.16. Wolfspeed, Inc. has a fifty-two week low of $8.05 and a fifty-two week high of $80.82.

Wolfspeed (NYSE:WOLF) last posted its earnings results on Tuesday, May 5th. The company reported ($3.26) earnings per share for the quarter, beating the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million for the quarter, compared to analysts’ expectations of $150.00 million. The business’s revenue was down 19.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.72) earnings per share.

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.