Wolfspeed, Inc. $WOLF Shares Sold by Senvest Management LLC

Senvest Management LLC lowered its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 44.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 281,624 shares of the company’s stock after selling 223,610 shares during the quarter. Senvest Management LLC’s holdings in Wolfspeed were worth $4,596,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Summit Securities Group LLC boosted its holdings in shares of Wolfspeed by 71.0% in the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after acquiring an additional 915 shares during the period. Capital Investment Advisory Services LLC boosted its holdings in Wolfspeed by 13.3% in the 4th 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. Eastern Bank purchased a new stake in shares of Wolfspeed in the fourth quarter valued at approximately $46,000. Cinctive Capital Management LP purchased a new stake in shares of Wolfspeed during the 4th quarter worth $176,000. Finally, Stifel Financial Corp lifted its stake in shares of Wolfspeed by 38.2% in the fourth quarter. Stifel Financial Corp now owns 56,037 shares of the company’s stock valued at $976,000 after purchasing an additional 15,494 shares during the period.

Analyst Ratings Changes

WOLF has been the subject of several research reports. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. Susquehanna reduced their price objective on shares of Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

Wolfspeed Trading Down 11.0%

Shares of Wolfspeed stock opened at $23.09 on Friday. The company has a fifty day moving average price of $47.70 and a 200 day moving average price of $31.49. Wolfspeed, Inc. has a twelve month low of $8.05 and a twelve month high of $80.82. The stock has a market cap of $1.20 billion and a price-to-earnings ratio of -2.19.

Wolfspeed (NYSE:WOLF) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) EPS for the quarter, beating the consensus estimate of ($3.78) by $0.52. The company had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $150.00 million. The company’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same period last year, the business earned ($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.