UBS Group AG Purchases 1,233,419 Shares of Wolfspeed, Inc. $WOLF

UBS Group AG grew its position in shares of Wolfspeed, Inc. (NYSE:WOLF) by 3,413.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,269,548 shares of the company’s stock after purchasing an additional 1,233,419 shares during the period. UBS Group AG’s holdings in Wolfspeed were worth $22,103,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Calamos Advisors LLC purchased a new position in shares of Wolfspeed during the fourth quarter worth about $12,451,000. Capital Investment Advisory Services LLC raised its stake in Wolfspeed by 13.3% in the fourth quarter. Capital Investment Advisory Services LLC now owns 15,174 shares of the company’s stock valued at $264,000 after purchasing an additional 1,783 shares in the last quarter. Shah Capital Management bought a new stake in Wolfspeed during the fourth quarter valued at approximately $583,000. Eastern Bank bought a new stake in Wolfspeed during the fourth quarter valued at approximately $46,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Wolfspeed in the 3rd quarter worth approximately $8,560,000.

Wall Street Analysts Forecast Growth

WOLF has been the topic of a number of research analyst reports. Zacks Research raised shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Susquehanna lowered their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Finally, Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.00.

Wolfspeed Stock Performance

WOLF stock opened at $49.88 on Tuesday. The company has a market capitalization of $2.25 billion and a PE ratio of -7.08. Wolfspeed, Inc. has a one year low of $8.05 and a one year high of $53.98. The company’s 50 day moving average price is $23.09 and its two-hundred day moving average price is $20.89.

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

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.