Atlas Brown Inc. Takes Position in Wolfspeed, Inc. $WOLF

Atlas Brown Inc. bought a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 25,000 shares of the company’s stock, valued at approximately $408,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in WOLF. Canada Pension Plan Investment Board acquired a new position in Wolfspeed during the 2nd quarter valued at about $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Wolfspeed during the second quarter valued at approximately $34,000. Summit Securities Group LLC boosted its position in shares of Wolfspeed by 71.0% during the fourth quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock valued at $38,000 after buying an additional 915 shares during the last quarter. Marex Group plc bought a new stake in Wolfspeed during the second quarter worth $44,000. Finally, Eastern Bank bought a new stake in Wolfspeed during the fourth quarter worth $46,000.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a research note on Friday, March 27th. Wall Street Zen upgraded 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.00.

Wolfspeed Stock Down 7.6%

Wolfspeed stock opened at $53.05 on Tuesday. Wolfspeed, Inc. has a 52 week low of $8.05 and a 52 week high of $80.82. The company’s 50 day moving average price is $47.14 and its two-hundred day moving average price is $28.52. The stock has a market cap of $2.76 billion and a P/E ratio of -5.02.

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