Readystate Asset Management LP Invests $6.84 Million in Wolfspeed, Inc. $WOLF

Readystate Asset Management LP purchased a new stake in shares of Wolfspeed, Inc. (NYSE:WOLF) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 141,784 shares of the company’s stock, valued at approximately $6,841,000.

Several other hedge funds have also made changes to their positions in the company. Renesas Electronics America Inc. acquired a new position in Wolfspeed in the 2nd quarter worth approximately $813,126,949. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Wolfspeed by 94.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock valued at $5,718,000 after purchasing an additional 906,968 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Wolfspeed by 176.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock valued at $4,224,000 after purchasing an additional 881,603 shares in the last quarter. UBS Group AG boosted its position in shares of Wolfspeed by 3,413.9% in the fourth quarter. UBS Group AG now owns 1,269,548 shares of the company’s stock worth $22,103,000 after buying an additional 1,233,419 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of Wolfspeed in the fourth quarter worth $12,187,000.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WOLF. Wall Street Zen raised Wolfspeed from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 22nd. Weiss Ratings upgraded Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 24th. TD Cowen reaffirmed a “hold” rating and set a $25.00 target price on shares of Wolfspeed in a research note on Thursday, August 20th. Finally, Susquehanna dropped their target price on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and a consensus price target of $25.00.

Wolfspeed Stock Up 0.5%

Wolfspeed stock opened at $28.48 on Monday. The company’s fifty day simple moving average is $30.44 and its 200-day simple moving average is $33.54. Wolfspeed, Inc. has a 12 month low of $8.05 and a 12 month high of $80.82. The stock has a market cap of $1.51 billion and a P/E ratio of -1.81.

Wolfspeed (NYSE:WOLF) last announced its quarterly earnings data on Wednesday, August 19th. The company reported ($2.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.45) by $0.19. The firm had revenue of $149.60 million for the quarter, compared to analysts’ expectations of $150.00 million. Wolfspeed’s revenue was down 24.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.77) earnings per share.

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.