408,733 Shares in Wolfspeed, Inc. $WOLF Acquired by SG Americas Securities LLC

SG Americas Securities LLC purchased a new position in shares of Wolfspeed, Inc. (NYSE:WOLF) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 408,733 shares of the company’s stock, valued at approximately $6,671,000. SG Americas Securities LLC owned about 0.91% of Wolfspeed at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in WOLF. Canada Pension Plan Investment Board acquired a new stake in Wolfspeed in the second quarter valued at approximately $34,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Wolfspeed during the second quarter worth $34,000. Summit Securities Group LLC boosted its stake 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 purchasing an additional 915 shares during the period. Marex Group plc purchased a new position in shares of Wolfspeed in the second quarter valued at $44,000. Finally, Eastern Bank acquired a new stake in Wolfspeed during the 4th quarter valued at $46,000.

Wolfspeed Trading Down 0.6%

WOLF stock opened at $45.68 on Monday. The firm has a 50 day simple moving average of $49.02 and a 200-day simple moving average of $29.22. The company has a market capitalization of $2.37 billion and a P/E ratio of -4.33. Wolfspeed, Inc. has a twelve month low of $8.05 and a twelve month high of $80.82.

Wolfspeed (NYSE:WOLF) last posted its quarterly 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 company had revenue of $150.20 million during the quarter, compared to analyst estimates of $150.00 million. During the same period in the prior year, the company earned ($0.72) earnings per share. The company’s revenue was down 19.0% on a year-over-year basis.

Analyst Ratings Changes

WOLF has been the topic of several analyst reports. Wall Street Zen raised shares of Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Wolfspeed in a research report on Wednesday. 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.00.

About Wolfspeed

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.